Eyeing Global Nuclear
Power Plant Market

Hyundai E&C moves in on overseas nuclear power plant construction

Hyundai Engineering and Construction looks back on 2007, the 60th anniversary of its founding, as one of its best years ever, with project orders breaking the 12 trillion won level.
Hyundai E&C announced this year's slogan as "Growth and Challenge for the Future,"and the company feels that it laid a springboard for its high flight and challenge last year through record achievements in its operation, resulting in over 12 trillion won in project orders, the largest in its history. The splendid order booking includes $4 billion worth of project orders overseas in diverse areas of construction including plant construction projects in the Middle East, thanks to high oil prices, as well as civil, construction, and electrical projects, among others.
The Taean Corporate City Project, which is to be Hyundai Construction's future growth engine, got its kick-start last year. The company's residential housing construction unit under the brand name "HillState"became the top brand in the apartment sector according to various polls and surveys taken by media organizations last year, despite it being launched only a year ago.
For this year, the company set its management goal as "Creative Passion, New Future,"aimed at securing strategies for survival in the future, strengthening its core capability through global management and boosting the brand premium. All of the strategies and plans focus on realizing a dynamic corporate culture and open management with a rational reimbursement system and value management.
The company is very proud of the fact that it has been engaged in the construction of nuclear power plants for the past 35 years, a unique track record that is hard to find a comparison to anywhere in the world. The company built 12 of the 20 nuclear power plants in operation in Korea, participating in the construction of two of them as head of the consortium.
The company aims to keep its position as a leader in the nuclear power plant construction field and as a messenger for transferring nuclear
power plant construction technology to do its duty for the sake of the continuous development of the industry in the country and for its global resurgence.
The company has decided to push the following core actions to move it in that direction:
In November last year, the construction of nuclear plants Shingori Nos.3 and 4 began. These are APR-1400 models in design and construction with power output capacity of 1,400 megawatts, 40 percent higher output than any other nuclear power plants in operation in the country with upgraded safety and economy features.
The company has always been at the forefront of not only nuclear power plant construction, but also in such areas as SGR, research reactors, waste facilities and replacement projects. It has led the application of new nuclear power plant construction technology, shortening the construction period and improving other areas in plant construction in the country.
The company intends to complete the construction of the new nuclear power plants by successfully falling back on its accumulated experiences and advanced construction know-how, but most of all with its pride, so that in the end, the APR-1400 models can be exported abroad.
In the construction of the Shingori nuclear power plants Nos. 1 and 2, the company has had no problems in sticking to the schedule, although it had to grapple with some difficulties such as the damage from typhoons and the exploration of cultural assets in the area.
At present, building key structures and work on electricity supply lines and machinery are in progress, some a month ahead of schedule. The jobsite workers have been very cautious about safety and have made sure that different construction segments such as civil, construction, machinery and electricity don't get in each other's way as many of the tasks are being done simultaneously.
The more than 35 years of building nuclear power plants, including the completion of Yonggwang Nos. 5 and 6, has provided its workforce with valuable experience. This assures the success of employees assigned to work at jobsites and at headquarters, including the preparations for work on Shingori Nos. 1 and 2.
The New Ulchin Nos. 1 and 2 SDR Project is one that the company will undertake as a major builder. The company already completed the Gori No. 1 SGR from 1996 to 1998 with Bechtel Corp. of the U.S. and the experience gained from the project will be very useful in undertaking the New Ulchin project when it is awarded this year.
It's not only Korea, but several other countries with a rising number of nuclear power plants more than 30 years old requiring repair and maintenance work. The company is well aware of the situation and is ready to be a top company in the areas of maintenance and supplementary work on those nuclear power plants around the world.
The necessity for nuclear power plants around the world is rising as a source of clean energy in the face of high oil prices. In the United States, retired nuclear power plants are being restored and plans are underway to build new plants, reversing the policy forbidding it for over 30 years. China, called the black hole for energy, is stepping up its construction of nuclear power plants. Such countries as Britain, Belgium and Sweden, among others, which prohibited the construction of nuclear power plants in their countries are reconsidering their policies. Countries in Southeast Asia such as Indonesia and Vietnam are moving fast to introduce nuclear power plants in their countries.
The renaissance of the nuclear industry has come and a nuclear power-friendly environment has been created. Time has come for the Korean builders to export their excellent nuclear power plant construction expertise overseas, especially as competition in the domestic nuclear power construction market is intensifying.
Hyundai E&C signed a memorandum of understanding with a number of nuclear-related organizations to spur their advancement into the overseas nuclear power plant construction market through mutual cooperation on wide-ranging areas of the market as part of the company's maximum effort to enter overseas markets.
The company is taking part in Vietnam's move to build a nuclear power plant in the future by participating in a joint feasibility study and in a nuclear power plant construction technology exhibition to show off the company's technologies to build nuclear power plants. It has also been participating in Indonesia's study to introduce a nuclear power plant by 2016.
In a joint step with Korea Hydro and Nuclear Power Co., Hyundai E&C dispatched technicians to Romania to help the Central European country's preparation to restart its third nuclear power plant in the hope that it would help its advancement into the region's nuclear power plant construction market. The company is also looking at a move by the United Arab Emirates to introduce nuclear power plants in an effort to expand its electricity generation capacity. nw

President Lee Jong-soo of Hyundai E&C.
A view of Yonggwang Nuclear Power Station built by Hyundai E&C in Yonggwang South Jeolla Province.
A view of Yonggwang Nuclear Power Unit Nos. 5 & 6 built by Hyundai E&C.