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The United Arab Emirates is considering investing in Europe’s nuclear energy sector and has approached several European countries to determine their receptivity to cooperation, people familiar with the talks told Reuters this week.
The UAE is discussing the possibility of taking a minority stake in state-run Emirates Nuclear Energy Company (ENEC), which invests in electricity assets in Europe, including the UK.
According to Reuters sources, ENEC has ambitions to expand its footprint and become an international nuclear energy company with minority stakes in other countries. That aspiration stops short of the goal of controlling or operating those shares, ending only with minority ownership. The move will help the oil-rich country diversify its economy away from fossil fuels.
Sources said ENEC was in talks about such an investment in the UK. For Britain, the investment could mean a bailout for its massive Sizewell C nuclear project, which Britain says has so far succeeded in attracting $25 billion in investment. effort to complete.
“As part of our international growth and investment plans, ENEC is working with a number of partners to explore opportunities for collaboration both in new civil nuclear projects and in civil nuclear technology and related clean energy technologies such as clean hydrogen. ENEC told Reuters.
Several European countries are looking to expand their nuclear power footprint to meet ambitious net-zero targets, but countries are divided on whether nuclear power should be classified as green energy at all. There is also.
The UK appears to need an investor in Sizewell C, but the UK government has blocked UAE investment in the Telegraph acquisition and expressed concerns about investing in the UAE telecom company, saying it raised national security concerns. , UAE investors were found to be unfavorable.
Written by Julianne Geiger, Oilprice.com
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