S. KOREA LOOKS TO EXPORT NUCLEAR REACTORS THROUGH UK JV.

SEOUL, April 1 Asia Pulse - South Korea is seeking overseas buyers for indigenously made nuclear reactors through a joint venture arrangement with a leading British engineering company, the government said Wednesday.

The joint venture between state-run Korea Electric Power Corp. (KEPCO) (KSE:015760), Korea Gas Corp. (KOGAS) (KSE:036460), Korea Development Bank (KDB) and Britain's Amec engineering group could prove helpful in securing future orders, the Ministry of Knowledge Economy said.

It said the agreement signed in London gives Amec a majority 54 per cent stake in the joint venture that is to be set up in October, with KEPCO, KOGAS and KDB holding 19 per cent, 15 per cent, and 12 per cent shares, respectively. The deal was signed by CEOs of the four companies in the presence of President Lee Myung-bak and Britain's Prime Minister Gordon Brown.

After a late start, with the country's first reactor going on line in 1977, South Korea rapidly acquired the technology and knowhow to design, build and operate nuclear reactors. Lack of experience in the international arena and lack of proper ties, however, have limited its ability to secure overseas orders.

With 20 reactors, South Korea ranks sixth in the world after the United States, France, Japan, Russia and Germany in terms of electricity generated by nuclear power ...