Dubai PR Network, Online Press Release from Dubai and Middle East
 
Money, Business & Investments(Banking & Investments)
Filter PR by
  
Barakah One Company Announces Board Members at First General Assembly
 
  • 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 : Dubai PR Network Editorial Team
Viewed 3630 times
PR Category : Banking & Investments
Posted on : Thursday, March 16, 2017  10:28:00 AM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : SAP Invests USD 200 Million in UAE and Opens New MENA HQ
Next Story : Dubai Ranks First Among Islamic Economy Enabling Free Zone C...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Chloé eyewear introduces the new "Nola" sunglasses collection [13066-Views]
Middle East and African beauty and personal care market to grow to US$34.5 billion by 2021... [13030-Views]
IKEA Introduces Limited Edition ‘Art Event 2017' Contemporary Drawing Collection [12517-Views]
TRESemme Hair Academy Launches in Arabia with Georges Mendelek and Alanoud Badr [9790-Views]
Global Innovations on its first day of success during the Arabian Travel Market 2017 [9699-Views]
Nautica Spring 2017 Collection [9376-Views]
Win up to 30 Kilos of Gold in 18 Days at Malabar Gold & Diamonds [8998-Views]
Alice + Olivia by Stacey Bendet takes over the W Café Doha [8595-Views]
Mövenpick Hotels & Resorts' Pakistan Presence Blooms as Firm Signs New Property in th... [8333-Views]
Tame Your Beard with The Art Of Shaving [8247-Views]
ArabianTravel Market: New partnerships and tailored services for Middle Eastern guests [8064-Views]
MASSIMO DUTTI SS17 inspires an essential piece for Massimo Dutti women [7832-Views]
ESCADA Amelia - Diamond timepiece [7485-Views]
Michael Kors Collection Transeason 2017 [6680-Views]
H.H. Sheikh Ahmed lays foundation stone of Silicon Mall at Dubai Silicon Oasis [6612-Views]
Denim Days with GUESS and F&F [6600-Views]
Godiva Ice Cream [6076-Views]
Taima Abdullah Al Omari Crowned Winner of Arab Reading Challenge in Kuwait [6002-Views]
8 Reasons Why you will never drink green tea again [5941-Views]
Dubai to welcome largest Arabian Travel Market yet [5917-Views]
Introducing the First Collection of Luxurious Oriental Scents from Juicy Couture [5795-Views]
Joyalukkas Opens a world of choice in Al Ahsa [5697-Views]
TAG Heuer announces its partnership with Dubai at Arabian Travel Market 2017 [5484-Views]
Jewel Corner Opens Kiosk In The Heart of Sharjah, At Mega Mall [5386-Views]
Doha Bank achieves 2.9% profit growth with impressive ratios [5368-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories