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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: UAE, S.Korea sign nuclear cooperation pact Reuters - Tuesday, June 23 DUBAI, June 22 - The United Arab Emirates signed a nuclear cooperation agreement with South Korea on Monday to allow the transfer of technology and equipment to the Gulf Arab state, the official WAM news agency said. ADVERTISEMENT The agreement will allow South Korean firms to compete with U.S. and French rivals for contracts under the UAE nuclear energy programme. The agreement "stipulates that the government of South Korea would help the UAE in building its peaceful nuclear programme ... over 20 years", WAM reported. Unlike its neighbour across the Gulf, Iran, the UAE has won Western backing for its nuclear energy plans that would help the world's third-largest oil exporter meet rising demand for electricity without tapping export crude. The deal was signed during a visit by South Korean Prime Minister Han Seung-soo. The UAE plans to build a number of reactors to meet an expected requirement for an extra 40,000 megawatts of electricity by 2017. The United States has been at odds with Iran over the Islamic Republic's atomic plans, which Washington says are aimed at building a bomb, a charge Tehran denies vehemntly. The UAE has vowed transparency. It said it would draw up legislation to govern the sector and establish a regulatory authority and an international advisory board of experts. In May, U.S. President Barack Obama approved a nuclear energy deal with the UAE worth potentially billions of dollars to U.S. energy companies. U.S. firm GE <GE.N> and Westinghouse Electric Co, a subsidiary of Toshiba Corp <6502.T>, stand to secure a big share of the expected $40 billion market if the U.S. Congress approves the deal. The UAE has informed the International Atomic Energy Agency that it plans to have its first nuclear power plant ready in 2015, an IAEA director said last month. The IAEA believes this is optimistic, the director said. French firms also plan to compete for the business. France's Total <TOTF.PA>, Suez <LYOE.PA>, and state nuclear reactor maker Areva <CEPFi.PA> said last year they planned to develop two third-generation reactors in the UAE. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Business Thai Senate approves 400 bln baht stimulus decreeReuters - Tuesday, June 23 JGBs advance on stronger Treasuries, sliding NikkeiReuters - Tuesday, June 23 Australia stocks drop 3 pct; miners, banks sufferReuters - Tuesday, June 23 Japan Hot Stocks-Isetan Mitsukoshi, Seven & I, Ulvac, tradersReuters - Tuesday, June 23 FINEWS-Philippine yld curve to steepen sharply-DBSReuters - Tuesday, June 23 Most Popular – Business Viewed Schwarzenegger in mid-air jet drama Boeing readies Dreamliner for first flight Chubby people live longest: Japan study Botox helps Australian stroke victim to walk again F1 governing body 'not surprised' at sport's split View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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