Latest news with #Barakah
Emirates 24/7
6 days ago
- Business
- Emirates 24/7
ENEC, Framatome sign nuclear fuel supply agreement for Barakah Plant
The Emirates Nuclear Energy Company (ENEC) and Framatome have signed a fuel supply agreement for the supply of nuclear fuel assemblies and engineering services for the Barakah Nuclear Energy Plant in the UAE. The agreement is a key step in ENEC's long-term strategy to diversify its fuel supply chain, enhancing energy security by ensuring an uninterrupted supply of 24/7 carbon-free power from the Barakah Nuclear Energy Plant to businesses, industries and homes across the UAE. Under the agreement, Framatome will supply complete nuclear fuel assemblies for use at the Barakah Plant. Framatome brings decades of experience in nuclear fuel manufacturing and innovation, making it a strategic partner to further strengthen the resilience and flexibility of ENEC's fuel supply chain and ensure the plant's continued excellence in nuclear power generation. Mohamed Al Hammadi, Managing Director and CEO of ENEC, said, 'Our agreement with Framatome advances our strategy to strengthen the security and reliability of our nuclear fuel supply chain. Diversification is key to ensuring that we continue to deliver safe, clean, and reliable electricity—powering the sustainable growth of the UAE's economy. 'Framatome's expertise and commitment to international standards add depth to our operations and reinforce Barakah as a global model for operational excellence in clean energy generation.' He affirmed their commitment to advancing Barakah's infrastructure and capabilities, continually striving for excellence in the nuclear power industry. ENEC continues to build on its existing operations through enhanced security, competitive costs, and innovative fuel solutions. 'We are proud to provide our advanced fuel to ENEC, ensuring security of the supply and meeting the UAE's clean energy goals,' said Grégoire Ponchon, CEO at Framatome. 'The contract recognises our state-of-the-art technologies and the reliability of our workforce to provide exceptional services to our customers.' The fuel assemblies will be fabricated at Framatome's fabrication facility in the US, which is licenced by the US Nuclear Regulatory Commission, and has received the highest rating from the NRC under its Licensee Performance Review (LPR) for 18 consecutive years. Framatome has over 40 years of extensive experience fabricating fuel for Combustion Engineering design reactors like Barakah and has supplied more than 6,000 fuel assemblies of that type. Barakah remains the region's first multi-unit nuclear energy plant and a global benchmark for successful nuclear new-build programmes. ENEC has delivered the Barakah Plant—comprising four APR-1400 reactors, which are now the region's largest source of clean electricity—in just eight years. Today, ENEC continues to explore strategic opportunities that support the growth of the global civil nuclear sector, while ensuring the plant remains a cornerstone of the UAE's energy mix.
Zawya
6 days ago
- Business
- Zawya
ENEC, Framatome sign nuclear fuel supply agreement for Barakah Plant
The Emirates Nuclear Energy Company (ENEC) and Framatome have signed a fuel supply agreement for the supply of nuclear fuel assemblies and engineering services for the Barakah Nuclear Energy Plant in the UAE. The agreement is a key step in ENEC's long-term strategy to diversify its fuel supply chain, enhancing energy security by ensuring an uninterrupted supply of 24/7 carbon-free power from the Barakah Nuclear Energy Plant to businesses, industries and homes across the UAE. Under the agreement, Framatome will supply complete nuclear fuel assemblies for use at the Barakah Plant. Framatome brings decades of experience in nuclear fuel manufacturing and innovation, making it a strategic partner to further strengthen the resilience and flexibility of ENEC's fuel supply chain and ensure the plant's continued excellence in nuclear power generation. Mohamed Al Hammadi, Managing Director and CEO of ENEC, said, 'Our agreement with Framatome advances our strategy to strengthen the security and reliability of our nuclear fuel supply chain. Diversification is key to ensuring that we continue to deliver safe, clean, and reliable electricity—powering the sustainable growth of the UAE's economy. 'Framatome's expertise and commitment to international standards add depth to our operations and reinforce Barakah as a global model for operational excellence in clean energy generation.' He affirmed their commitment to advancing Barakah's infrastructure and capabilities, continually striving for excellence in the nuclear power industry. ENEC continues to build on its existing operations through enhanced security, competitive costs, and innovative fuel solutions. 'We are proud to provide our advanced fuel to ENEC, ensuring security of the supply and meeting the UAE's clean energy goals,' said Grégoire Ponchon, CEO at Framatome. 'The contract recognises our state-of-the-art technologies and the reliability of our workforce to provide exceptional services to our customers.' The fuel assemblies will be fabricated at Framatome's fabrication facility in the US, which is licenced by the US Nuclear Regulatory Commission, and has received the highest rating from the NRC under its Licensee Performance Review (LPR) for 18 consecutive years. Framatome has over 40 years of extensive experience fabricating fuel for Combustion Engineering design reactors like Barakah and has supplied more than 6,000 fuel assemblies of that type. Barakah remains the region's first multi-unit nuclear energy plant and a global benchmark for successful nuclear new-build programmes. ENEC has delivered the Barakah Plant—comprising four APR-1400 reactors, which are now the region's largest source of clean electricity—in just eight years. Today, ENEC continues to explore strategic opportunities that support the growth of the global civil nuclear sector, while ensuring the plant remains a cornerstone of the UAE's energy mix.
The National
17-06-2025
- Business
- The National
UAE can make AI as important as internet, Emirati official says
Mariam Almheiri, head of International Affairs at the UAE Presidential Court, said the country can help to make artificial intelligence a strategic utility like the internet through its partnerships, regulatory framework and energy infrastructure. 'We tick the boxes everywhere,' she said during the Atlantic Council Global Energy Forum in Washington on Tuesday. Ms Almheiri made the comments while taking part in a panel discussion focused on financing energy and infrastructure in the technology age. 'With the recent visit President [Donald] Trump to the UAE announcing the AI cluster, if you think about what that is, it's up to 5 gigawatts of optimised AI data centre power,' she said. Ms Almheiri added that the first phase of that cluster was going to be online by 2026, and pointed out that the UAE has plenty of ways to power it, along with other AI energy facilities. 'If you just think of what that's going to do to take this transformation that we need, we need a transformation in the energy side as well," she said. Among the projects the UAE has begun in recent years are the 1.2 gigawatt Noor Abu Dhabi solar power plant, the Mohammed bin Rashid Al Maktoum Solar Park and the 5.6 gigawatt Barakah nuclear power plant. Speaking during a separate panel session, Emirates Nuclear Energy Company chief executive Mohamed Al Hammadi said that the Barakah plant provides one quarter of electricity in the UAE, a 'huge energy transition' in the past five years. Over the past decade, the UAE − the Arab world's second largest economy − has been open about its desire to be an AI front-runner as it diversifies its economy away from oil. The country's efforts have resulted in the establishment of start-ups as well as partnerships and investments from industry leaders including Microsoft, Nvidia and OpenAI. Ms Almheiri said the UAE has 'built the bridges' to help with its energy transformation, aided by the partnerships it has formed. 'To move the needle on any transformation when it comes to AI, to make AI strategic utility something like the internet, we need these partnerships and we need the ingredients.' Major planned investments between the US and UAE were also announced during Mr Trump's visit to the UAE last month, including a new 5GW UAE-US AI Campus in Abu Dhabi. The US Commerce Department said the AI campus would be home to large and small companies that could 'leverage the capacity for regional compute with the ability to serve the Global South'.
Korea Herald
05-06-2025
- Business
- Korea Herald
Korea inks $18b nuclear export deal with Czech Republic
South Korea secures its first nuclear export in 16 years since Barakah project in UAE South Korea has clinched a landmark $18 billion contract with the Czech state utility to build new nuclear reactors in the Czech Republic, following a court decision to lift an injunction that had temporarily blocked the signing. This is Korea's second-ever nuclear export project, following the Barakah plant in the United Arab Emirates in 2009. Czech Prime Minister Petra Fiala announced the closing of the deal in a nationally televised press conference Wednesday, just hours after the Czech Supreme Administrative Court lifted the injunction filed by EDF, a French bidder that lost the tender. "We have removed all doubts and legal obstacles that prevented the nuclear power plant project from being launched," Fiala said during the conference. The signing took place digitally between Korea Hydro & Nuclear Power and Elektrarna Dukovany II (EDU II), a subsidiary of the Czech state-run utility in charge of operating the nuclear plants in Dukovany. Under the agreement, KHNP will build two 1,000 megawatt APR-1000 reactors — Dukovany Units 5 and 6 — with completion targeted for 2036 and 2037, respectively. "The deal is a testament to the technological excellence and global reliability of Korea's nuclear industry," KHNP CEO Whang Joo-ho said. "KHNP will carry out the project with the highest safety and quality standards, strengthening Korea's competitiveness in the global nuclear energy market." The deal marks a symbolic milestone for Korea, which once imported European nuclear technologies, but is now exporting its own, KHNP said. Korea adopted France's Framatome reactor for its Hanul 1 and 2 units in 1982. KHNP will serve as the lead EPC (engineering, procurement and construction) contractor and oversee the full scope of the project while working with a consortium of top Korean firms. Kepco E&C will be in charge of design and engineering, and Doosan Enerbility will be responsible for equipment supply and construction. Daewoo E&C will lead the structural construction, while Kepco NF and Kepco KPS will each take on nuclear fuel supply and commissioning and maintenance. KHNP said it plans to establish an onsite project office near the Dukovany plant to facilitate early-stage work, such as permitting, site surveys and document management. The energy firm said it would hold two briefing sessions this year outlining the qualification requirements and technical standards for Korean suppliers interested in participating in the Czech project. KHNP had originally been set to sign the deal on May 7, after being named preferred bidder over France's EDF and US-based Westinghouse in July 2024. The signing was postponed, however, when a Czech court accepted a last-minute injunction filed by EDF, which claimed irregularities in the bidding process. Despite the delay, both sides continued preparations. KHNP and EDU II appealed the ruling, and the higher court said Wednesday it found the injunction's claims unsubstantiated. The Czech government also preapproved the contract between CEZ and KHNP, allowing the deal to proceed immediately if the injunction was lifted. The Dukovany project is part of the Czech Republic's largest infrastructure initiative for long-term energy security and decarbonization goals. With the Czech government expected to decide within the next five years on expanding the Temelin nuclear site, KHNP remains eligible to negotiate additional contracts for the potential new units.
New Straits Times
23-05-2025
- Business
- New Straits Times
Barakah Offshore shares crash over 80pct after delisting notice
KUALA LUMPUR: Shares of Barakah Offshore Petroleum Bhd plunged more than 80 per cent to rock bottom, following news that the financially troubled oil and gas services firm faces a trading suspension and potential delisting from Bursa Malaysia. The counter opened at two sen before collapsing 83.33 per cent to half a sen by 9.20am, with 13.4 million shares traded, its highest volume in at least six months. The sell-off came after Barakah announced yesterday that Bursa Malaysia had rejected its application for more time to submit a regularisation plan under the Practice Note 17 (PN17) classification. Barakah has been classified as a PN17 company since 2019, after defaulting on payments to EXIM Bank related to a pipelay vessel. The company has now been given until May 30 for the trading suspension to take effect, with its securities set to be delisted on June 4 unless an appeal is submitted and approved by Bursa. In October 2024, Barakah had proposed a regularisation plan involving a RM195 million capital reduction, a three-into-one share consolidation and a private placement of 62.5 million new shares to its executive chairman to raise RM7.5 million. However, the plan was later withdrawn following a RM78.8 million adjudication award in Barakah's favour, prompting a reassessment of its restructuring strategy. Despite the award, the group remains in a precarious financial position. For the financial year ended June 30, 2024, Barakah reported accumulated losses of RM133.76 million, short-term borrowings of RM52.05 million, and a negative operating cash flow of RM13.36 million.
