Seoul: Industry Minister Kim Jung-kwan has called on Korea Electric Power Corp. (KEPCO) and Korea Hydro and Nuclear Power Co. (KHNP) to collaborate as a unified team to enhance South Korea's global nuclear power plant market presence, Kim's office announced.

According to Yonhap News Agency, the minister's call for unity comes amid a recent policy briefing where he also admonished the companies for their ongoing dispute regarding additional construction costs for the Barakah nuclear power plant project. The disagreement led KHNP to file an arbitration claim against KEPCO with the London Court of International Arbitration, seeking reimbursement for delays and additional work costs imposed by the United Arab Emirates and KEPCO.

South Korea had secured the 20 trillion-won (US$13.6 billion) contract in 2009 to construct its first overseas nuclear power plant in the UAE. As the project nears completion in 2024, KEPCO and KHNP are involved in a final settlement process, which has resulted in legal proceedings.

A ministry official noted that Minister Kim underscored the significance of "Team Korea" as the global nuclear power plant market expands, driven by the rise of artificial intelligence and data centers. Kim encouraged KEPCO and KHNP to adopt a more cooperative stance to achieve success internationally.

In related news, the ministry is assessing the Korea National Oil Corp.'s decision to consider British oil giant BP as the preferred bidder for the country's deep-sea gas project. The Korean company initiated the bid in March to find a foreign partner for a 49 percent stake in a project aimed at developing seven potential oil and gas reserves off the coast of Yeongil Bay in Pohang, approximately 270 kilometers southeast of Seoul. The project faced scrutiny after initial exploratory drilling indicated the "blue whale prospect" might lack economic viability.