Gyeongnam Nuclear Power Company, Export Contract with Egypt's El Dabaa Nuclear Power Plant
On the 13th, Gyeongnam Province reported that Eco Power Tech Co., Ltd., located in Jinju, signed a $2.65 million (approximately 3.8 billion won) export contract for 4R Insulation Cover with AAEM LLC, the turbine supplier for Egypt’s El Dabaa Nuclear Power Plant.
This contract marks the first case of a nuclear-related company in Gyeongnam independently entering the overseas market, serving as a significant milestone for the expansion of exports in the nuclear power industry. It is expected to contribute to the development of the local economy and industry.
Large Export Contract with El Dabaa Nuclear Power Plant
The El Dabaa Nuclear Power Plant project is a large-scale initiative to build four 1,200MW nuclear power plants in the coastal city of El Dabaa, Egypt, with a total budget of $30 billion. Korea Hydro & Nuclear Power is participating in this project, and a contract worth approximately 3 trillion won for the secondary construction of the nuclear power plant has also been signed.
The '4R Insulation Cover' that Eco Power Tech is exporting safely protects high and medium pressure piping, valves, and measuring instruments within the nuclear power plant from external environments. This product contributes to preventing internal heat loss and ensuring safety. Due to these characteristics, it has become an essential element in enhancing the safety and efficiency of nuclear power plants, and its value is recognized in the global market.
If this project proceeds successfully, it is expected to greatly assist Egypt's energy independence.
Achievements in Supporting Nuclear Power Companies in Gyeongnam
Gyeongnam Province is conducting the 'First Step for Nuclear Company Exports' project to reorganize the local nuclear power industry, and this export contract is being highlighted as the first achievement of that initiative. This project supports nuclear power companies in entering overseas markets starting from 2023, and over the past two years, marketing activities targeting the nuclear power markets of various countries including Kazakhstan, France, Egypt, and India have been undertaken.
In particular, last year, through the 'First Step for Nuclear Company Exports' project, 11 companies, including Eco Power Tech, visited Egypt and India to conduct one-on-one business consultations. During this process, three supply agreements worth $1.4 million were signed, achieving a total consultation outcome of $41.14 million (approximately 54.5 billion won), leading to positive results.
These achievements are expected to provide the foundation for Gyeongnam's nuclear companies to become competitive in global markets.
Voices from Companies and Future Support Plans
CEO Cho Yoon-sook of Eco Power Tech stated, "Gyeongnam Province's support policy for nuclear companies played a significant role in securing overseas export contracts" and emphasized, "If continuous support is provided, local nuclear companies will be able to engage more actively in overseas markets."
In response to this demand, Gyeongnam Province plans to continue implementing the existing 'First Step for Nuclear Company Exports' project. Furthermore, starting this year, they will introduce 'Export Consulting Support for Nuclear Companies' in collaboration with the Korea Nuclear Export Industry Association. Through these efforts, they hope to further advance Gyeongnam's nuclear industry.
Main Details of the Nuclear Company Export Support Project
The Korea Nuclear Export Industry Association is dispatching professionals to provide consulting on export strategies, overseas marketing, and participation in international bidding to nuclear companies in the region. This supports companies in entering global markets more efficiently.
In addition, part of the costs for quality certification in overseas markets will be supported to enable companies to smoothly proceed with certification processes. In particular, one-on-one tailored export strategy consulting will also be conducted for companies with limited export experience, offering appropriate support for each company's situation.
This project focuses on actively assisting companies with outstanding technology but facing challenges in entering overseas markets, so they can secure independent export competitiveness.
Future Prospects of Gyeongnam's Nuclear Industry
Gyeongnam Province's Director of Industry stated that AI, data centers, and carbon neutrality have become important issues, bringing renewed attention to the nuclear industry. He emphasized that Gyeongnam Province will strengthen practical support for nuclear companies to enter overseas markets in line with the global trends of the nuclear industry.
In particular, it is hoped that the contract with Eco Power Tech will not only be a simple achievement but serve as a catalyst for ongoing overseas exports. Gyeongnam Province plans to enact various policies to ensure that the nuclear industry can play an important role in the growth of the local economy and job creation.
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