Hyundai E&C seeks expansion to Poland, Ukraine

South Korea's Hyundai Engineering & Construction (E&C) will open a branch in Warsaw, Poland, to join a project to build small modular reactors (SMR), the next-generation plants of their kind for nuclear power, and another in Kyiv, Ukraine, to assist the war-torn country's reconstruction.

The company reportedly held discussions on related projects as part of a joint Korean public-private delegation to the three-day Krynica Economic Forum that opened on Wednesday in Krynica, Poland. The event is known as the Davos Forum of the East.

Hyundai E&C on Sunday said it will launch a branch in Warsaw this year as its outpost for the Eastern European market.

“This is to maintain ties with companies and secure opportunities for new orders for infrastructure construction,” the company said. “Eastern European leaders are holding related talks given the keen interest they showed at Poland's Krynica Economic Forum in the SMR project in discussions on major agenda such as nuclear power plants and reconstruction of Ukraine."

Hyundai E&C will use these talks to expand its SMR business to neighboring Eastern European countries such as Lithuania, Romania and Slovakia. On Tuesday, it signed a contract on nuclear power plant research and development and cooperation in raw materials for research with Poland's National Centre for Nuclear Research.

The company is aggressively entering related sectors by forming a cooperation system for nuclear power R&D, safety, technology and human resource exchange.

In Ukraine, which will undergo post-war reconstruction, the company has received several orders. It signed an accord in April with Holtec International, an American supplier of energy equipment and systems, on forming a multifaceted support system to jointly develop nuclear power plants worldwide. 

In the same month, Hyundai E&C and Holtec also landed a contract for Ukraine’s SMR-160 pilot project and began joint development to deploy 20 additional SMRs. The South Korean company will pursue the production of parts there necessary for nuclear plant construction.

In July, Hyundai E&C signed a partnership agreement with of Kyiv Boryspil International Airport Corp. to expand the airport near the Ukrainian capital.

“The Ukraine Reconstruction Cooperation Center was opened amid the strengthening of a strategic partnership at the government level,” the company said. “We plan to use our networks in Poland and Ukraine as a bridgehead to see practical results.”

Write to Jin-Woo Park at jwp@hankyung.com