Turkey and South Korea Sign Nuclear Financing Deal: Sinop's Four Reactors Worth About 30 Billion Dollars
Turkish President Recep Tayyip Erdogan held a summit with South Korean President Lee Jae Myung in Seoul on November 3, where the two governments signed four memorandums of understanding on energy, nuclear project financing, natural resources and mining, and science and technology. The nuclear financing memorandum, signed by the Turkish nuclear energy company and the Export-Import Bank of Korea, supports Korean companies bidding for the Sinop nuclear project.
The Sinop project would build four 1,400-megawatt reactors on Turkey's Black Sea coast, an undertaking estimated at about 40 trillion won (about 30 billion US dollars), as Turkey's second nuclear power plant. Erdogan was on a three-day state visit, his first to South Korea since 2018.
The leaders also agreed to update their free trade agreement, raise bilateral trade from 11 billion dollars toward a 15 billion dollar target, and expand cooperation in defence, infrastructure, biotechnology and critical minerals. The financing memorandum names no reactor supplier and awards no construction contract; terms remain under negotiation.
(Source: Presidency of the Republic of Türkiye)
Source: Presidency of the Republic of Türkiye
Published by GSM · USA (original Chinese edition)
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