exfiles ""I havent seen yet an asian utility, sovereign wealth fund or government associated entity so silly splashing out billions on a bidding war of what would be this magnitude.""
Time is changed IMO I would not underestimate Koreans especially with possibility in partnership with RIO
or Chinese & Areva
""""""South Korea's long pursuit of nuclear know-how paid off big in the waning days of 2009, when United Arab Emirates officials announced that a consortium of mostly Korean nuclear giants had won a plum $20.4 billion contract to build the first nuclear reactors in the Middle East.
Early news reports on the Dec. 27 announcement focused on the low bid of the consortium of Korea Electric Power Co., Doosan, Samsung, Hyundai and Westinghousewhich came in an astonishing $16 billion below that of France's AREVA/Electricite de France-led consortium.
Apparently the EPR design's redundant safety systems require a heavier load of steel and concrete, adding to its construction price. The French, who drastically underbid for their EPR contract at Olkiluoto, Finland, were clearly in no mood to offer any more loss leaders. The KEPCO team also beat the bid of a consortium that General Electric-Hitachi headed.
Korea: Economic Development Through Nuclear
But the story that has emerged from longtime industry observers and participants is that in effect Korea began assembling its bid package for the UAE tender 30 years ago, when it first set nuclear technology self-reliance as a national goal.....""""
EXT Price at posting:
$7.56 Sentiment: Buy Disclosure: Held
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