The Korea Electric Power Corp has entered negotiations with Turkey's Energy Ministry and state power producer Elektrik Uretim for a nuclear power plant on the Black Sea.

Turkey and KEPCO are intending to provide 30 percent of the funding for the power station, which will be constructed near the town of Sinop.

The remaining 70 percent will be found through borrowings, probably through the London-based Standard Chartered bank, which has been appointed as the financial adviser for the project.

Turkey seeks to build two nuclear plants to reduce its dependence on imported energy.

Electricity authorities have ascertained the country will need about 10,000 megawatts of nuclear capacity installed by 2023.