This undated file photo provided by Daewoo Engineering & Construction shows the Dukovany nuclear power plant in the Czech Republic. Yonhap

Korea's state-run Korea Hydro & Nuclear Power Co. (KHNP) said Thursday negotiations with the Czech Republic's energy company for its nuclear power plant construction project are expected to be finalized later this month.

"We are in the final stage of the negotiations with the Czech client and are now fine-tuning details at a reasonable level," KHNP told Yonhap News Agency. "We are planning to conclude the talks within March and set the date for signing after considering other factors, including internal procedures and government reporting."

KHNP has been in talks with the Czech Republic's Elektrarna Dukovany II (EDU II) since a KHNP-led South Korean consortium was selected as the preferred bidder in July 2024 to build two reactors at the Dukovany power plant in the East European country.

While the two sides reportedly have reached an agreement on key points, such as the total project cost, they are still discussing specific issues, including the percentage of localization throughout the construction process.

If finalized, the deal, estimated at 24 trillion won (US$16.7 billion), would mark Korea's first overseas nuclear power plant project since 2009, when KHNP won the Barakah Nuclear Power Plant contract in the United Arab Emirates.

KHNP settled an intellectual property dispute with U.S.-based Westinghouse in January, removing a major hurdle to the successful signing of the Czech project.

Westinghouse had previously claimed the Korean firm infringed on its intellectual property. (Yonhap)