Korea Hydro & Nuclear Power is teaming up with France's leading nuclear energy company, Orano, to expand its nuclear fuel supply chain.
KHNP CEO Kim Hoe-cheon signed a letter of intent with Orano for long-term cooperation in uranium enrichment at the Elysee Palace in Paris on Tuesday (local time), with President Lee Jae Myung and French President Emmanuel Macron in attendance, the company said Wednesday.
The agreement follows up on the memorandum of understanding on nuclear fuel cycle cooperation that KHNP and Orano signed in April, during Macron's visit to South Korea.
KHNP said the letter of intent carries added significance because it, too, was signed with the two countries' leaders present, underscoring that the partnership goes beyond a simple corporate agreement. It reflects shared interest between South Korea and France in nuclear energy and the nuclear fuel supply chain and advances their strategic cooperation.
The two companies plan to use the agreement as a springboard to strengthen their partnership and expand long-term cooperation in uranium enrichment.
The deal is expected to help KHNP secure new enrichment supply sources in the West and diversify its supply chain. It will also give Orano a stronger long-term partnership base to support new enrichment projects.
"Securing reliable supply sources in advance is critical as uncertainty grows in the global nuclear fuel market," Kim said. "We will use this letter of intent as an opportunity to expand cooperation between the two companies and further strengthen the stability of our nuclear fuel supply."
"This cooperation with KHNP will be an important opportunity for both companies to further strengthen our partnership in uranium enrichment," Imauven said. "We look forward to continuing our cooperation in the front-end of the nuclear fuel cycle going forward."
oskymoon@heraldcorp.com
