GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Banking and Investments

 
  Share
  • H.E. Khaled Abdulla Al Qubaisi appointed Chairman of the Board

Abu Dhabi, UAE, 16 March 2017: The Barakah One Company (BOC), a subsidiary of the Emirates Nuclear Energy Corporation (ENEC) and the Korea Electric Power Corporation (KEPCO), held its first General Assembly today and announced the members of its Board of Directors. Led by the Chairman of the Board, H.E. Khaled Abdulla Al Qubaisi, BOC is responsible for the commercial and financial interests of the Barakah project.

The Board members of Barakah One Company are:

  • H.E. Khaled Abdulla Al Qubaisi, Chairman
  • H.E. Mohamed Al Hammadi, Vice Chairman
  • H.E. Khalifa Al Suwaidi, Member
  • H.E. Mohammed Sahoo Al Suwaidi, Member
  • Mr. Park Jong Hyuck, Member

Established as a Joint Venture Company, BOC is a part of ENEC's new corporate governance structure that will lead the delivery and long-term sustainability of the UAE's Peaceful Nuclear Energy Program. Its mandate is to manage the commercial interests of the Barakah project, secure project finance from institutional and commercial lenders and receive funds for the electricity generated from Units 1 to 4 in Barakah. The Board will govern the performance of the company and ensure the senior leadership team maintain, and are held accountable, for the responsible financing of the UAE's first nuclear energy plant and future industry.

“The announcement of our Board of Directors at our first General Assembly is a significant milestone in the UAE Peaceful Nuclear Energy Program,” said H.E. Khaled Abdulla Al Qubaisi, Chairman of the Board of Barakah One Company. “With the establishment of Barakah One, we entered the final stages of realizing the goals and objectives of the Barakah project, issued almost a decade ago. We are pleased to have the government of the Republic of Korea and ENEC's Prime Contractor, KEPCO, as long-term strategic partners as we turn our vision into reality.”

Nasser Al Nasseri, Barakah One CEO, said: “In October of 2016, ENEC and KEPCO announced the establishment of Barakah One, the result of a Joint Venture Agreement designed to capitalize on KEPCO's 40 plus years of nuclear experience. As a world-class energy company, Barakah One will ensure the delivery and long-term sustainability of the UAE Peaceful Nuclear Energy Program by applying international best practices and standards to the financing and management of the Barakah project's commercial interests.”

In November 2016, BOC signed the first nuclear energy Power Purchase Agreement with Abu Dhabi Water and Electricity Company (ADWEC) for the purchase of the electricity to be generated at the Barakah Nuclear Energy Plant. The agreement establishes the contractual framework between the two entities for nuclear-generated safe, clean, efficient and reliable electricity produced at Barakah.

The Barakah project is progressing steadily. Construction began in 2012 and Unit 1 is now more than 94% complete and all four units are more than 76% complete. Once the four reactors are online, the facility will deliver up to a quarter of the UAE's electricity needs.


Posted by : GoDubai Editorial Team
Viewed 2294 times
Posted on : Thursday, March 16, 2017  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story :
Next Story :
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Bourjois Healthy Mix
Prada Luna Rossa Carbon
Kids Get Groovy in COÉGA Sunwear Spring/Summer 2017 collection
Furless Electrolysis Permanent Hair Removal Centre Grand Launch
Bourjois: Blow a Kiss for Mother's Day
Eco-Drive FD2033-52W: Elegant timepiece from Citizen
Paul Marciano and Al-Futtaim Celebrate GUESS' 35 Year Anniversary with Spectacul...
BIODERMA Introduces Photoderm NUDE Touch SPF50+
Bridging refinement and watchmaking know-how Golden Bridge Rectangle
Longines Global launch of Conquest V.H.P.: a new milestone for quartz technology
BIODERMA launches Photoderm Brume solaire MAX SPF50+
Invigorate your eye care routine with FOREO's next generation eye massager, IRIS
Introducing NEW Olay Regenerist Microsculpting Cream SPF30
Filorga launches the NCTF-REVERSE Cellular Anti-Aging Range
Around the world with Celio's new Spring-Summer '17 collection
RAYMOND WEIL Freelancer Chronograph Inspired By the “Gibson Les Paul” Guitar
Cocktail and Bridal Couture by International Brand Label based in Dubai, Kara by...
Are You Ready for World Class Pinoy at Max's?
Kara by KK: Wedding Season - Fashion Product Placement
Nautical & Floral Designs take center stage in the Max' Spring Collection 2017
A Homage to Cuba for Spring/Summer'17 by F&F
BOVET's VIRTUOSO VIII Flying Tourbillon Big Date arrives in the Middle East
Iconic Fashion Show Experience Season 2
Ulysse Nardin Jade “Grand Feu”
Majid Al Futtaim launches ‘Create Great Moments Together' campaign to encourage ...
INFINITI of Arabian Automobiles Company debuts all-new Q60 Red Sport 400 Coupe
Browz's Lip Blush Treatment is Perfecting the Pout
Doha Bank named ‘Best Trade Finance Bank' in Qatar at Global Finance Awards 2017
Burberry Eyewear: His and Hers
Elizabeth Arden: White Tea fragrance
Danube Dubai Fashion League showcases stunning designs amidst UAE's fashion elite
Clearly Corrective Brightening and Smoothing Moisture Treatment
Lose the Back Pain at Work
Celebrate Life's Key Moments with Mouawad Jewelry
Gucci Eyewear Spring/Summer 2017
Elizabeth Arden: Eight Hour® Miracle Hydrating Mist
Sharjah Museums to Open Unique Photographic Exhibition of Muslim Communities in China
Al-Futtaim Relaunches Household Electronics Brand ‘Aftron'
Centrepoint Wins Double Gold at Dubai Lynx for Sale Film
Re - Salons and Spas celebrate Women's Wellness on International Women's Day
Roderer's RFID-blocking wallets
Breakfast to Be Available Around the Clock as McDonald's UAE Launches National B...
Hassan Al Qayedi, Afra Al Badi emerge champions in Fazza Championship for Shooti...
World's Best Family SUV – the All-New Land Rover Discovery Makes its Debut in th...
Danube Properties Launches Eight Realty Project ‘Resortz'
UAE Research Program for Rain Enhancement Science takes its call for innovation ...
LG shares insights on the six trends changing the mobile landscape
Technology and Innovation Key to Leveraging Heavy Oil's Untapped Potential, says...
LG Steals the Spotlight With Record Number of 2017 if Design Awards
Art Jameel enters new phase of development