Despite being the third largest oil exporter in the world, United Arab Emirates is installing nuclear powered plants to meet their electricity demand, which is estimated to increase from 15.5 GWe to over 40 GWe in 2020.[1] In December, 2009 US and UAE signed a Section 123 Agreement for peaceful nuclear cooperation.[2] UAE has also signed Nuclear Non-Proliferation Treaty (NPT), along with the additional protocol.[3]
In December 2009, Emirates Nuclear Energy Corporation (ENEC) awarded a coalition led by Korea Electric Power Corporation (KEPCO) a $20 billion bid to build the first nuclear power plant in the UAE. Braka, , about 50 km west of Ruwais, was chosen as the site to build four APR-1400 nuclear reactors successively, with the first scheduled to start supplying electricity in 2017.[4][5]
The plant's groundbreaking ceremony was held on 14 March 2011, including Korean President Lee Myung-bak.[6] Construction of the first unit is scheduled to begin in late 2012, though this may be delayed in the wake of the Japanese nuclear accident.[7]
In 2011 Bloomberg reported that following detailed finance agreements, the build cost was put at $30 billion: $10 billion equity, $10 billion export-credit agency debt, and $10 billion from bank and sovereign debt. South Korea may earn a further $20 billion from operation, maintenance and fuel supply contracts.[8]
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