site.btaUPDATED Nuclear Energy, Kozloduy N-plant and Hyundai Engineering and Construction Are in Focus of Sofia Forum

Nuclear Energy, Kozloduy N-plant and Hyundai Engineering and Construction Are in Focus of Sofia Forum
Nuclear Energy, Kozloduy N-plant and Hyundai Engineering and Construction Are in Focus of Sofia Forum
Hyundai E&C CEO Yoon Young-Joon, June 25, 2024 (BTA Photo/Antoan Nikolov)

Nuclear energy, the Kozloduy Nuclear Power Plant and Hyundai Engineering and Construction are in the focus of a Sofia forum on Tuesday. The South Korean company, which is a potential contractor for two new units of the Kozloduy Nuclear Power Plant, presented its experience in nuclear energy as one of the leading companies building nuclear facilities. Caretaker Energy Minister Vladimir Malinov is participating in the forum.

On February 16, it transpired that Hyundai E&C remained the only candidate for the construction and commissioning of Units 7 and 8 of Kozloduy NPP after a committee reviewed the applicants' documents to ensure they meet all requirements. A week later, Parliament gave the green light to talks between Kozloduy NPP – New Builds and Hyundai E&C as a potential contractor for engineering, design, delivery and commissioning of new units on the site of the existing Kozloduy NPP. The deadline for the talks was set at April 15. The future units will use the AP1000 technology of Westinghouse.

Malinov hopes that in the summer of 2025, the project will be defended in the National Assembly so that it can be irreversible and implemented in the shortest possible time and in the most competitive environment and economic conditions. Cooperation between Westinghouse and Hyundai E&C is relied upon. The Energy Minister said that there will be maximum participation of Bulgarian businesses during the design, procurement and construction of Units 7 and 8 . "My priority will be that the minimum requirement for 30% participation of Bulgarian business will be the minimum starting threshold," he said.

Malinov also said a key step is to find the best partners for securing financing for the project. He believes that the Export-Import Bank of Korea should play a key role. He said he is counting on the government of the Republic of Korea to support this process.

The company's CEO Yoon Young-Joon said it is a great honour for Hyundai E&C to be selected as a partner in Kozloduy NPP. He said that in the past 50 years, the company has worked extensively not only in the construction of large nuclear power plants, but also of small modular reactors. Hyundai E&C is also focusing on hydrogen production and has the ambition to expand its influence worldwide. He said that in projects implemented outside South Korea, the basic principle is to achieve a national contribution through localization of operations.

Delyan Dobrev, who chaired the energy committee in the previous Parliament, said the new National Assembly will not interfere in this project any more than it has done so far. In the second half of 2024, the project company must submit a final investment decision so that Parliament can support it. By the time the final investment decision is made, everything concerning cost, timing, contractors and financing will be clear.

Two Memorandums of Understanding were signed at the end of the event: between Hyundai E&C and the Bulgarian Construction Chamber, and between Hyundai E&C and Glavbolgarstroy Holding.

/NF/

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By 02:43 on 20.07.2024 Today`s news

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