On July 30th, Samsung C&T's Construction division announced the signing of a Memorandum of Understanding (MOU) with the Emirates Nuclear Energy Company (ENEC) to pursue development and investment in global nuclear power projects.
The signing ceremony took place on July 29th at the Sofitel Ambassador Hotel in Songpa-gu, Seoul, and was attended by key figures from both organizations, including Mohamed Al Hammadi, CEO of ENEC, and Oh Se-chul, President and CEO of Samsung C&T.
This agreement aims to harness Samsung C&T's extensive experience in nuclear and infrastructure projects and ENEC's global leadership in nuclear power to lead the global nuclear market.
The MOU outlines strategic cooperation in several areas: collaboration on new and reactivation nuclear projects, M&A of existing sites in the global market; investment and development of small modular reactors (SMRs) worldwide; cooperation in hydrogen production leveraging nuclear power across global markets, including Korea; and strategic investment in nuclear services and equipment companies.
ENEC stated, "Nuclear energy will play a central role in providing large-scale electricity to meet the rapidly increasing global power demand." The statement emphasized that the collaboration aims to expand global efforts in deploying, investing, and innovating in the nuclear sector, delivering impactful projects for long-term economic growth in partner countries.
A Samsung C&T representative remarked, "Nuclear power is essential for stable energy supply," expressing anticipation that collaboration will generate innovative synergies, grounded in the robust expertise and networks of both companies in the large-scale nuclear and SMR sectors.
In April, Samsung C&T secured a contract for the equipment advancement of Romania's first nuclear power plant and is currently working on the Front-End Engineering Design (FEED) for an SMR project in cooperation with American companies NuScale, Fluor, and Sargent & Lundy. Furthermore, Samsung C&T is pursuing expansions in SMR projects in Sweden and Estonia, demonstrating tangible progress in both large-scale nuclear and SMR projects.
Meanwhile, ENEC has successfully completed a major project to construct and operate four Korean-style nuclear reactors in Barakah, Abu Dhabi, amounting to an investment of approximately 40 trillion won.
