Korea Hydro and Nuclear Power (KHNP) and Westinghouse have signed a memorandum of understanding on bilateral technical cooperation. The companies hope their collaboration will boost their overseas revenues.
|The signing ceremony for the MOU (Image: KHNP)
The agreement was signed on 20 October in Seoul, South Korea. Through the MOU, the two companies will jointly develop technology projects worldwide through technical cooperation based on "the mutual nuclear expertise and capabilities of their respective owners", KHNP said.
Westinghouse - a unit of Japan's Toshiba - and KHNP - a subsidiary of Korea Electric Power Corporation - also agreed to look for ways to enhance the safety of nuclear power reactors and to increase sales revenues by expanding in overseas markets, particularly the USA.
Senior vice president of Westinghouse's operating plant business David Howell said, "Korea's KHNP, a leader in the Korean nuclear industry, has extensive operating experience. Their international capabilities align seamlessly with Westinghouse's original equipment manufacturer global position. Together, we will partner to examine cooperative technical discussions and to develop joint business opportunities in the US and other markets."
In February, KHNP and Westinghouse signed a long-term supply agreement for replacement parts for nuclear power plants. That agreement set the terms of the contract, such as the quality, technology and price for the equipment to be supplied for at least five years. KHNP said it expected the agreement to shorten the procurement process for such equipment.
Researched and written
by World Nuclear News