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UAE Poised to Award $40b Nuclear Contract
DUBAI — The United Arab Emirates is days away from awarding the largest ever energy contract in the Middle East for the development of a nuclear power plant, industry sources said on Tuesday.
The contract to build at least four reactors is expected to cost the world’s third-largest oil producer as much as $40 billion, consultancy Eurasia Group said in a research note published in August.
The consortia from France, which includes nuclear group Areva, GdF Suez, and Total, is in pole position to win the contract, sources familiar with the negotiations said.
“We think we are still well positioned to win it, we have the nuclear expertise,” a source from the French group said.
“The winner will take it all, the bid was for two reactors originally but then they (UAE) wanted four and maybe six, whoever wins gets the whole package.”
The other bidders include a consortium comprised of General Electric and Japan’s Hitachi, and another of Korea Electric Power Corporation, Hyundai Engineering and Construction and Samsung C&T Corporation.
“Emirati leaders have historically valued France’s nuclear experience,” the Eurasia Group said. “And a major deal with the French government would fit within the UAE’s diversification plans in terms of both energy and security.”
President Nicolas Sarkozy was in the UAE in May to open a military base, and some analysts saw the visit as enhancing the French consortium’s prospects of winning the contract.
Power Demand
Record oil revenues have driven an economic boom that has strained domestic power grids in the UAE, and to keep the export cash coming in, Abu Dhabi is looking to nuclear energy to help cap fuel burned for power at home, analysts said.
The UAE anticipates its electricity requirements to rise from 15.5 gigawatts, or GW, in 2008 to 40GW in 2020, the Eurasia Group said.
The proposed nuclear plant will likely provide about 3 per cent of the power supply to the market in the UAE by 2020 with the start-up of about 1GW of nuclear power, and by 2025 nuclear power will supply about 15 per cent to the market, consultancy Wood Mackenzie said. — Reuters
the bidding saga
- Firms involved — France’s Areva, GdF Suez and TOTAL; the US’ General Electric; Japan’s Hitachi; Korea’s Electric Power Corporation, Hyundai Engineering & Construction and Samsung C&T Corporation
- Banks involved — HSBC won the advisory mandate for the French consortium; BNP Paribas, Caylon Corporation and Societe Generale also made bids; BNP Paribas was bidding for the South Korean consortium
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