Westinghouse to get share of $20 billion nuclear deal
The United Arab Emirates awarded a South Korean consortium a prized $20 billion deal to build nuclear reactors as the oil-rich Persian Gulf nation races to meet its booming energy needs.
Korea Electric Power Corp.'s winning bid beat out rival offers. Emirates Nuclear Energy Corp. valued the deal for four 1,400-megawatt reactors at about $20 billion — considerably less than some estimates suggested.
The Korean consortium includes Samsung, Hyundai and Doosan Heavy Industries. Japan's Toshiba Corp. and its Westinghouse subsidiary will also play a role.
One billion dollars is expected to go to Westinghouse, headquartered in Cranberry. Westinghouse will provide major components, instrumentation and control equipment, and design technical and engineering support services, mostly from Westinghouse locations in Western Pennsylvania.
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