Signing of the Settlement Agreement between Westinghouse, Korea Electric Power Corporation (KEPCO), and Korea Hydro and Nuclear Power (KHNP)

“Today’s agreement between Westinghouse and the Republic of Korea companies KEPCO and KHNP, marks an exceptional accomplishment which could pave the way for hundreds of billions of dollars in cooperative projects moving forward while creating and maintaining hundreds of thousands of jobs in the civil nuclear sector.  I am grateful to the dedication, determination, and perseverance of the leadership of all of these companies as well as that of their owners.  U.S. and Republic of Korea cooperation on civil nuclear energy can offer a highly competitive alternative on the global marketplace while upholding the highest nonproliferation standards.  This commercial agreement, along with our signing last week of a government-to-government MOU on Principles Concerning Nuclear Exports and Cooperation, will promote civil nuclear energy cooperation as an exceptionally strong and enduring component of U.S.–Republic of Korea relations.”