Westinghouse objections delay South Korea-U.S. investment agreement

  • South Korea postponed its National Assembly report on the U.S. investment memorandum.
  • South Korea and the United States discussed six AP1000 and two APR1400 reactor projects.
  • South Korea seeks about 20% of Westinghouse, while the U.S. proposes 5% to 10%.

South Korea has postponed a National Assembly report on a planned $200 billion investment package in the United States after negotiations with Washington and Westinghouse remained unresolved. The memorandum of understanding and announcement of an initial U.S. project, previously expected as early as Sept. 18, have been disrupted by disputes centered on nuclear cooperation. The countries have discussed building six Westinghouse AP1000 reactors and two South Korean APR1400 reactors in the United States, but the U.S. government and Westinghouse have opposed deploying the Korean design despite its U.S. Nuclear Regulatory Commission certification. Seoul is also seeking about 20% ownership and practical voting rights in Westinghouse, while the U.S. side has proposed a 5% to 10% non-voting minority stake. A proposed U.S. pyroprocessing project, Texas gas-power demand guarantees and potential participation in Alaska LNG remain unresolved issues that could increase the package beyond its $200 billion ceiling.

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