The United Arab Emirates and South Korea have agreed in principle to sign a lucrative contract for the operation of four South Korean-built nuclear reactors in the Middle Eastern country, South Korea’s commerce minister said Tuesday.

The agreement was reached during South Korean President Park Geun-hye’s recent trip to the UAE to witness the first installation of a South Korean reactor at a power plant in Barakah, some 300 kilometers west of Abu Dhabi.

Negotiations for the contract on the operation of the four nuclear reactors have, in fact, been concluded, Yoon Sang-jick, minister of trade, industry and energy, told reporters.

“An agreement has been reached in principle,” he said.

The minister refused to elaborate on the details of the proposed contract, such as its monetary value, but said it will likely be in the range of a deal proposed in 2009. when the two countries signed a $20.4 billion deal for the construction of the four nuclear reactors currently underway.

The South Korean government had then said a separate deal for the operation of the nuclear reactors for the next six decades would likely be worth some $20 billion.

“I believe the contract will likely be signed before the end of this year as the nuclear reactors will start commercial operations in 2017,” the minister said. (Yonhap)