South Korean state-owned company Korea Hydro & Nuclear Power (KHNP) is set to construct the machinery buildings and provide materials for Egypt's first nuclear plant, a joint project with a Russian nuclear company.
The company signed a deal in Cairo on Thursday with the Russian state-owned company Atomstroyexport (ASE), South Korean media and the Yonhap news agency reported, citing the South Korean government.
In 2015, the Egyptian government charged ASE, a subsidiary of the nuclear company Rosatom, with constructing the plant in El Dabaa on the Mediterranean. The plant is due to have four 1,200 megawatt reactors.
The deal between KHNP and ASE runs to the tune of around $2.2 billion. While KHNP had already been chosen last December, finalizing the deal has proven difficult, with obstacles including the Russian invasion of Ukraine and the ensuing sanctions.
The South Korean presidential secretary for economic matters, Choi Sang Mok, was cited as blaming "unexpected variables" for the length of time it took to close the deal. South Korea is expected to continue to be in close communication with the US throughout the building of the plant.
