One of the firms behind the achievement is Doosan Heavy Industries Co., a leader in the technology required to manufacture nuclear reactors and other key equipment.
“We could proudly say Doosan has the global competitiveness in supplying nuclear power facilities since it is among the rare companies to be equipped with the ability to make the material supplies and one that has the technologies,” said company vice president Kim Tae-woo.
Inside of Doosan Heavy Industries Co.’s factory in Changwon, South Gyeongsang Province.
The company aims to win global orders worth $18 billion by 2015 as the demand for atomic power generation is expected to surge as an alternative to fossil fuel based energies.
Doosan is already a global leading player in power generation and desalination facilities.
The company claims to be one of the few firms across the world that has an integrated productivity system which could control all execution stages from material selection to final product development.
In the past two decades it has supplied about 20 nuclear reactors in Korea. It has also provided nuclear power facilities for 12 different nuclear plants in the United States, China and Japan from 1997-2008.
According to the World Nuclear Association, some 430 more nuclear reactors are projected to be built by 2030. Currently, about 430 nuclear reactors are in operation in 31 countries.
A nuclear reactor produced by Doosan Doosan Heavy Industries Co.
Doosan said the firm expects the additional nuclear reactors to create a $1.08 trillion market in the next 20 years.
“Although many nuclear power facility manufacturing companies have experienced downturns due to the sluggish market which has continued for the past three decades, Doosan has accumulated its technology and experience by continuously building domestic nuclear power plants,” Kim said.
The country’s mid-sized conglomerate focusing on heavy equipment was part of a consortium led by Korea Electric Power Corp. which signed a $20 billion deal to construct four 1.4 million-kilowatt nuclear power reactors in the United Arab Emirates by 2020.
Seoul officials project the deal to generate an additional $20 billion contract for operation and maintenance for 60 years.
The government estimates that the contract will create direct exports amounting to $20 billion -- equivalent to a 1 million-unit shipment of Hyundai NF Sonata sedans -- and that the deal will offer 110,000 new jobs.
Korea is a relative newcomer to the international nuclear market; however, it is recognized for its cost-effectiveness, safety, technological know-how and quick construction.
The country also has the world’s sixth largest atomic generation capacity. It stood at 93.3 percent as of 2008, 14 percentage point higher than the global average of 79.4 percent.
Park Gee-won, president of Doosan Heavy, has previously said that the firm aims to win $18 billion worth of global orders and reach sales of 17 trillion won with an operating profit margin of 10 percent by 2015.
Doosan has also built and delivered a nuclear reactor to a power plant in China for the first time in February last year, marking its first sale of a nuclear reactor overseas.
Since then, the company has won a $240 million deal last September to supply power plant equipment to Saudi Arabia and a landmark nuclear deal in UAE late last year to build the nuclear power plants within the next 10 years.
The firm then moved on to sign a $350 million deal to provide equipment for a power facility in Egypt in February and won a $120 million power plant order in New Caledonia.
Being the only company in Korea which specializes in power plants, it also focuses on making conventional power plants more environmentally friendly.
It is directing the development of a next-generation power plant technology called the Integrated Gasification Combined Cycle -- creating gas from coal.
Doosan officials celebrate the completion of new nuclear reactor equipment.
As part of the effort, Doosan Heavy’s subsidiary Doosan Babcock is taking charge of a government-funded project called OxyCoal U.K. in the United Kingdom to develop competitive oxyfuel technology suitable for full-scale plant applications.
Another deal with Korea South East Power Co. asks Doosan to design and install a fuel-saving boiler facility at the power plant in Yeosu, South Jeolla Province, by 2011.
The firm is also in the process of making fuel cells, a type called the molten carbonate fuel cell, which has the capacity of producing electricity for 200 households. It aims to commercialize it by 2012.
Proving to be an outcome of the company’s ongoing efforts, it has been ranked fourth on the list of world’s top 40 firms in 2009, according to A.T. Kearney’s 2009 Global Champions Report, released by Business Week magazine.
Doosan was noted for its foresight and agility in buying new technologies and for maintaining a consistent corporate culture that focuses on high performance.
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