Member countries of the Korean Peninsula Energy Development Organization (KEDO) will begin talks on Tuesday to tie up loose ends after it terminated the construction of a light-water nuclear reactor for North Korea in 2006.

Seoul's foreign ministry says KEDO representatives from South Korea, the U.S., Japan and the European Union will meet in New York for two days. They will discuss how to go about liquidating the equipment and construction materials used in the now defunct multinational project to build a power plant.

After the project's cancellation the Korea Electric Power Corporation acquired the rights to all machine parts and supplies, which are currently in storage.

With prospects for restarting the project very grim and storage fees costing millions of dollars every year, the Seoul-based electric company wants to sell them.