Bilateral talks focus on providing
technological support for El-Dabaa nuclear power plant, constructing a shipyard
near the Suez Canal by Samsung Heavy Industries and acquiring K-9 Thunder
self-propelled howitzer package with tech transfer worth $2 billion.
Korea Hydro & Nuclear Power (KHNP) was
promoted to construct turbines for the El Dabaa plant. Park also emphasized Korea’s shipbuilding
capabilities to President Sisi, urging the Egyptian president to allow Korean
companies to participate in the Suez Canal shipyard construction project,
saying, “Korean shipbuilding technology leads the world.” Samsung Heavy
Industries is known to be considering a potential bid in the project.
The National Assembly speaker further promised continued technical support and maintenance for the K-9 Thunder self-propelled howitzer export package, worth $2 billion, which Hanwha Defence is negotiating with the Egyptian Defence Ministry. “We will build long-term cooperation [with Egypt] by supporting Egyptian engineers beyond simple arms exports,” Park said.
This is the continuation of bilateral relations. Korea’s state-owned nuclear plant signed a partnership agreement with Petrojet, an Egyptian state-owned company specializing in designing and constructing energy infrastructure, in Cairo on March 16.
Under
the agreement, KHNP will work with Egyptian companies to train local nuclear
power plant employees.
One of the stipulations by the Egyptian
government for foreign company participation is that the nuclear power plant
project needs to be localized, meaning 20 to 35 per cent of employees must be
Egyptians.
The El Dabba nuclear power plant project is
led by JSC ASE, an affiliate of the Russian state-owned nuclear power company
Rosatom. Contracts were signed in 2017 by the Egyptian Nuclear Power Plants
Authority (NPPA).
Four VVER-1200
reactors are to be constructed, and the project’s groundbreaking is scheduled
for next year.