South Korea and Turkey signed an agreement on 3 November 2026 to explore financing for Turkish energy projects. South Korea hopes to take part in building Turkey’s planned second nuclear power plant at Sinop, on the Black Sea coast. Turkey has not yet selected a partner for the project.
The Export-Import Bank of Korea and Turkey Nuclear Energy Inc signed the agreement after talks between the countries’ presidents in Seoul. The organisations will examine possible funding arrangements and establish a working group to exchange information. South Korean President Lee Jae Myung said the agreement would support South Korean companies seeking work on Turkish nuclear projects.
Lee said cooperation on the plant was progressing well, with site assessments and a joint working group already under way. South Korea’s state electricity company, KEPCO, has also taken part in early studies to assess whether the project is practical. Turkish President Recep Tayyip Erdoğan said technical and economic assessments were continuing.
Before making a final decision, Turkey will consider how the plant would be financed, the cost of producing electricity and the benefits for its economy. Erdoğan described South Korea as a possible partner, while noting that Turkey was also considering other countries. He said the country would examine its options according to its national interests.
