The Organization of Canadian Nuclear Industries and the Canada Korea Business Council announce a Strategic Partnership Agreement
September 1, 2015 Pickering Ontario. The Organization of Canadian Nuclear Industries (OCI) and Canada Korea Business Council (CKBC) today announced the signing of a Strategic Partnership Agreement that will provide a framework under which the two organizations will collaborate in promoting and facilitating increased exchanges between the Korea nuclear power industry and Canadian nuclear suppliers.
The two organizations will host joint summits, forums, and seminars to discuss important topics related to the nuclear industries in both counties. They will also cooperate on future trade and investment missions similar to the Nuclear Trade Mission to Korea led by OCI and the Government of Ontario in April 2015 that resulted in more $10M in near term contracts for nuclear suppliers on the trade mission, a multi-million dollar R&D agreement and the potential for several hundred million $ of contracts in the mid-term.
“The Republic of Korea is one of the world’s fastest growing nuclear markets and has been a nuclear partner of Canada’s for almost 40 years” noted Dr. Oberth.
Mr. Cho stated that “this agreement will combine the respective strengths of both organizations in connecting Canadian and Korean nuclear companies”
Organization of Canadian Nuclear Industries (OCI) is an association of more than 190 Canadian suppliers to the nuclear industry that design reactors, manufacture major equipment and components, and provide engineering services and support to CANDU nuclear power plants in Canada as well as to CANDU and Light Water Reactor (LWR) plants in offshore markets.
Canada Korea Business Council (CKBC) is business, trade and investment facilitator and catalyst for Canadian companies doing business with South Korea. The CKBC provides its members with the strategic insight and network access required to successfully export to Korea and secure Korean investments into Canada.
Dr. Ron Oberth, President and CEO, Organization of Canadian Nuclear Industries
905 839 -0073 / 647 407 6081, firstname.lastname@example.org. www.oci-aic.org
Mr. Sonny Cho, President and CEO, Canada Korea Business Council
1-416-822-8936, email@example.com. www.ckbc.ca
Canada has had a close and productive relationship with South Korea’s nuclear industry through the successful construction of four CANDU units at the Wolsong site. The oldest Wolsong 1 unit has operated safely and reliably for almost 30 years and all four Wolsong units have life-time capacity factors in the 95% range, making them top of class. In 2012 the owner of the Wolsong 1 CANDU reactor, Korea Hydro and Nuclear Power Company (KHNP), competed the most successful ever refurbishment of a CANDU unit.Canada’s unique natural uranium and on-power fuelled CANDU reactor has captured almost 10% of the world market.
Canada’s Nuclear Industry
Canada has more than 60 years of experience in the development and deployment of nuclear energy for both power generation and medical applications. Canada is the world’s second largest producer of uranium. The 22 CANDU nuclear power plants that have been constructed in Canada have operated safely and reliably for more than 40 years. Within Ontario, nuclear energy supplies more than half of the province’s electrical energy. Canada’s natural uranium and on-power fuelled CANDU reactor has captured almost 10% of the world market.
OCI companies have developed world-class capabilities across a broad spectrum of the nuclear supply chain including: reactor design, project and construction management, precision manufacturing of specialized and safety-related equipment including various pumps and valves, design and supply of reactor control systems and full scope training simulators, as well as fabrication of steam generators and various heavy components and modules. OCI companies also have capabilities in supporting operating reactors through reactor inspection and non-destructive testing, safety and risk analysis, and various operational support services.
Nuclear Energy in South Korea
The Republic of Korea is a major nuclear energy country that is expanding its domestic nuclear fleet and now exporting its nuclear technology through a $20 billion contract to supply four nuclear reactors to the UAE.
Korea’s 23 nuclear reactors have a total capacity of 20.7 GWe and supply almost one-third of the country’s electricity. Considerable new capacity is planned by 2035 with 11 new reactors planned to be in-service by 2024.
Korea imports 97% of its fuel, with $170 billion spending on imported energy in 2011, one-third of all imports. Without nuclear power, this import bill would have been about $20 billion higher according to KEPCO.
Canada was the first country to transfer nuclear power technology to Korea, allowing Korea its first localization – the development in Korea and testing at NRU of Korean-made CANDU fuel. This was the beginning of Korea’s march towards technological self-reliance culminating in Korea’s success in winning a four-unit nuclear project in the UAE in 2010 against strong international competition. Construction of these units is reported to be on budget and on schedule. Korea was also successful in the sale of a research reactor, based on the Canadian MAPLE research reactor design, to Jordan in 2011.
Canadian companies successfully entered the Korean nuclear power market during the construction of four CANDU units at the Wolsong site from 1977 to 1999. Canadian suppliers have supported the ongoing maintenance of these units as well the refurbishment of Wolsong 1, completed in 2013.
OCI-KAIF Memorandum of Understanding
The Organization of Canadian Nuclear Industries (OCI) and the Korea Atomic Industrial Forum (KAIF) signed a Memorandum of Understanding on nuclear cooperation in August 2014 at the Pacific Basin Nuclear Conference in Vancouver.
Canada – Korea Free Trade Agreement
On March 11, 2014, in Seoul, Prime Minister Stephen Harper and President Park Geun-hye of the Republic of Korea announced that Canada and Korea had concluded negotiations on a new free trade agreement. This landmark achievement constitutes Canada’s first free trade agreement in Asia and will provide new access for Canadian businesses and workers to Korea, the fourth-largest economy in Asia, with an annual GDP of $1.3 trillion and a population of 50 million people.
Foreign Affairs, Trade and Development Canada’s “Global Markets Action Plan” consists of comprehensive actions to advance the interests of Canadian businesses in a specific group of key foreign markets. Korea was identified as priority market in GMPA based on the results of a multi-stage process that included economic modelling, analysis of potential sources of capital, technology and talent; and identification of core hubs in global value chains;
International Trade Minister Ed Fast led a multi-sector trade mission to Seoul and Busan, Korea, from February 8 to 13, 2015, with over 100 Canadian delegates, paving the way for the OCI Nuclear Trade Mission to Korea next week.
Download the OCI News Release PDF Here.