Korea Wins $40 Bil. UAE Nuclear Deal
President Lee Myung-bak talks with United Arab Emirates (UAE) President Sheikh Khalifa bin Zayed al-Nahayan at the Emirates Palace Hotel in Abu Dhabi, the capital of UAE, Sunday, after Korea won a $41 billion contract to build nuclear power plants in the Middle East country. / Korea Times Photo by Sohn Yong-seok By Na Jeong-ju, The Korea Times A consortium led by the Korea Electric Power Corp. won a $40 billion contract Sunday to build nuclear power plants in the United Arab Emirates, paving the way for South Korea to become a major energy facility exporter. It is the largest-ever energy deal awarded in the Middle East, which has sought to replace oil with nuclear power and other alternative energy sources amid falling oil reserves. Policymakers here called the contract a diplomatic triumph, saying it will help strengthen the country's economic ties with the region, as well as provide a crucial opportunity to boost shares in the fast-growing energy market. The deal with the Emirate...