AMEC Signs Cooperation Agreement for Korean and International Energy Projects
AMEC plc, the Korea Electric Power Corporation (KEPCO), the Korea Gas Corporation (KOGAS)
and the Korea Development Bank (KDB) have signed a co-operation agreement to develop energy-related business opportunities and projects in South Korea and internationally.
At a ceremony in London today, the four companies signed a two-year co-operation agreement under which they will form a joint venture to share their respective expertise in developing, constructing, managing and operating a wide range of energy projects and facilities. This will include nuclear power, thermal power generation, gas, renewable energy and carbon reduction.
The agreement will support the Korean Government's overseas development programme and its investment plans to strengthen the country's security of supply and energy asset portfolio. In addition it will play a part in expanding and improving South Korea's engineering and project management consultancy skill base. Together, the partners will be able to provide clients with a high quality service on a competitive basis in Asia and internationally.
AMEC will provide expertise in programme and project management, supply chain management, design, licensing and operations in nuclear new build, radioactive waste management and nuclear decommissioning, as well as in power generation, and has expertise and knowledge in project management consultancy, front-end design, engineering, asset operation and maintenance in the oil and gas industry.
KEPCO will contribute expertise in designing, constructing, operating and maintaining nuclear reactors and power generation facilities.
KOGAS is the owner and operator of a national downstream gas infrastructure serving both commercial and domestic customers.
KDB leads the Korean national investment programme and is recognised as one of the world's leading investment banks.
The cooperation agreement is the second step in the collaboration between three of the organisations. In October 2008 a Memorandum of Understanding between AMEC, KEPCO and KOGAS was signed. KDB has since joined the collaboration.
AMEC has worked in South Korea since 2005. The company is project manager of the Incheon Bridge project scheduled for completion later this year. Its work on the bridge was rewarded in 2007 with the "Partnership between Korea and the UK" award made by the British Chamber of Commerce in Korea.
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