South Korea and Turkey signed a memorandum of understanding on 3 November 2026 to explore financing for Turkish energy projects, as Seoul pursues a role in the country’s planned second nuclear power plant. The proposed facility would be located at Sinop, on the Black Sea coast. Turkey has yet to select a partner.
Signed by the Export-Import Bank of Korea and Turkey Nuclear Energy Inc following presidential talks in Seoul, the memorandum provides for an examination of possible funding arrangements. The two organisations will also establish a working group to exchange information. South Korean President Lee Jae Myung said the agreement would support South Korean companies seeking involvement in Turkish nuclear projects.
Lee characterised cooperation on the plant as progressing smoothly, with site assessments and a joint working group already under way. The agreement follows a nuclear cooperation deal reached in November 2025 by Turkey Nuclear Energy Inc and KEPCO, South Korea’s state-owned power company. Turkish President Recep Tayyip Erdoğan said preliminary feasibility studies had been conducted with KEPCO, while technical and economic assessments remained ongoing.
Describing South Korea as a potential partner, Erdoğan said Turkey would weigh financing arrangements, electricity generation costs and benefits to the Turkish economy before reaching a final decision. Ankara is also maintaining contacts with other countries and evaluating its options against its national interests. The financing memorandum therefore accompanies an assessment process in which Turkey has not yet committed to a project partner.
