Industry Minister Ahn Duk-geun speaks during a press briefing at Government Complex Sejong, Thursday. Yonhap

Korean Industry Minister Ahn Duk-geun said Thursday that the country's advanced technologies and experience in the nuclear power industry served as the basis for its price competitiveness regarding the reactors construction project in the Czech Republic.

On Wednesday, the state-run Korea Hydro & Nuclear Power (KHNP) was selected as a preferred bidder to build two reactors at the Dukovany power plant, beating France's EDF.

The combined value of the reactors in the Eastern European country was estimated at 24 trillion won ($17.3 billion), and some critics have said that the project is far from profitable given terms and conditions for the tender.

"Korea has price competitiveness internationally based on technology prowess and project management capabilities. Dumping in pricing is completely not true," Ahn said in a press briefing regarding the tender.

KHNP chief Hwang Joo-ho said that the amount was mostly related to the construction and the Czech side plans to finance the project. He also made it clear that there were no conditions for any financial support.

Ahn said he visited the Czech Republic three times after the April bid, and there have been "fierce negotiations and communications behind the scene."

"I delivered to the Czech government a letter from President Yoon Suk Yeol and held talks (with Czech Prime Minister Petr Fiala) on ways of enhancing broader industry ties," Ahn said.

There are ample industry fields where the two nations can work together, given their industry structures and future directions, according to officials.

The bid, launched in 2022, was initially for one new reactor at the Dukovany power plant but later widened to build multiple units.

Czech Prime Minister Fiala said his country has decided to build two units at Dukovany and will discuss an option for another two units at the Temelin power station, according to foreign media reports.

"South Korea has advanced technologies, know-how and experiences regarding nuclear projects, which have been accumulated for the past 50 years," Ahn said, adding that the KHNP-led consortium, relevant government agencies and the academic circle all joined hands and made all-out efforts to win the Czech tender.

The two sides are expected to sign a deal in around March 2025, and construction is planned to start in 2029, with the trial operation of the first new reactor in 2036, according to officials.

Ahn called the winning "a great achievement," coming 15 years after the contract to build the Barakah Nuclear Power Plant in the United Arab Emirates, as Korea was able to secure a bridgehead to export nuclear reactors to Europe, which is home to the nuclear power industry.

"A task force in charge of negotiations for the contract will be established, and the government will further strengthen support through a nuclear export strategy commission," Ahn said. (Yonhap)