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Written by Richard Finlayson, Senior International Editor for Industrial Info Resources (Sugar Land, Texas)--According to estimates derived from the U.S Census Bureau, thousands of jobs will be created in the country based on a $2 billion direct loan authorized by the Export-Import (Exim) Bank to the United Arab Emirates' (UAE) Barakah One Company. The loan will underwrite the export of U.S equipment and service expertise for the construction of a nuclear power plant in Abu Dhabi.
"The 5,000 American jobs figure speaks volumes about the importance of the transaction to the U.S economy," said Fred P. Hochberg, the bank's chairman and president. "But in addition to bolstering American jobs, Exim Bank will make history by backing the construction of the first nuclear power plant on the Arabian Peninsula."
Barakah One is planning to construct four nuclear-powered generating units on a coastal strip along the Arabian Gulf, about 220 kilometers from the city of Abu Dhabi. The site was chosen with regards to seismic, socio-economic and environmental factors. The reactors for the project will be supplied by Korea Electric Power Corporation and are based on the leading Advanced Power Reactor 1400 design. The reactors will be brought online at one-year intervals starting in 2017; when the project is complete, it will have a capacity of 5,600 megawatts (MW).
The largest exporter involved in the transaction will be Westinghouse Electric Company (Pittsburgh, Pennsylvania), a Toshiba Corporation company, which will provide the reactor coolant pumps, reactor components, controls, engineering services and training.
"This work will create and sustain U.S. jobs in California, Connecticut. New Hampshire, Ohio, Pennsylvania, South Carolina, Texas and other states, which are home to Westinghouse sub-suppliers," said Ric Perez, president and CEO of Westinghouse. "Within Westinghouse alone, the project will allow us to maintain about 600 U.S. jobs. In addition, the bank's support will sustain hundreds of well-paying jobs at the company's U.S. sub-supplier and indirect jobs in the service industry."
Exim Bank, in conjunction with various U.S. and UAE government agencies, has conducted a detailed and extensive assessment of the project. The UAE invited the integrated regulatory review service of the International Atomic Energy Agency (IAEA) to examine the country's regulatory framework. The federal authority for nuclear regulation of the UAE established an internal task force to address the safety implications and lessons learned from the Fukushima disaster in Japan. It also established a process of outreach to the IAEA and other regulatory bodies throughout the world.
At the end of the 2011 financial year, the UAE accounted for about $3.7 billion of Exim Bank's worldwide credit exposure. In 2011, the bank approved a total of $415 million in authorizations to support American exports bound for the UAE.
For related information, see August 30, 2012, article - Abu Dhabi Lead UAE Power Sector, with 35% Growth Targeted through 2015.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, and eight offices outside of North America, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
"The 5,000 American jobs figure speaks volumes about the importance of the transaction to the U.S economy," said Fred P. Hochberg, the bank's chairman and president. "But in addition to bolstering American jobs, Exim Bank will make history by backing the construction of the first nuclear power plant on the Arabian Peninsula."
Barakah One is planning to construct four nuclear-powered generating units on a coastal strip along the Arabian Gulf, about 220 kilometers from the city of Abu Dhabi. The site was chosen with regards to seismic, socio-economic and environmental factors. The reactors for the project will be supplied by Korea Electric Power Corporation and are based on the leading Advanced Power Reactor 1400 design. The reactors will be brought online at one-year intervals starting in 2017; when the project is complete, it will have a capacity of 5,600 megawatts (MW).
The largest exporter involved in the transaction will be Westinghouse Electric Company (Pittsburgh, Pennsylvania), a Toshiba Corporation company, which will provide the reactor coolant pumps, reactor components, controls, engineering services and training.
"This work will create and sustain U.S. jobs in California, Connecticut. New Hampshire, Ohio, Pennsylvania, South Carolina, Texas and other states, which are home to Westinghouse sub-suppliers," said Ric Perez, president and CEO of Westinghouse. "Within Westinghouse alone, the project will allow us to maintain about 600 U.S. jobs. In addition, the bank's support will sustain hundreds of well-paying jobs at the company's U.S. sub-supplier and indirect jobs in the service industry."
Exim Bank, in conjunction with various U.S. and UAE government agencies, has conducted a detailed and extensive assessment of the project. The UAE invited the integrated regulatory review service of the International Atomic Energy Agency (IAEA) to examine the country's regulatory framework. The federal authority for nuclear regulation of the UAE established an internal task force to address the safety implications and lessons learned from the Fukushima disaster in Japan. It also established a process of outreach to the IAEA and other regulatory bodies throughout the world.
At the end of the 2011 financial year, the UAE accounted for about $3.7 billion of Exim Bank's worldwide credit exposure. In 2011, the bank approved a total of $415 million in authorizations to support American exports bound for the UAE.
For related information, see August 30, 2012, article - Abu Dhabi Lead UAE Power Sector, with 35% Growth Targeted through 2015.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, and eight offices outside of North America, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
