Bulgaria signs nuclear deal with Westinghouse

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01-08-2014 | 05:02
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Bulgaria signs nuclear deal with Westinghouse
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Bulgaria signs nuclear deal with Westinghouse
Bulgaria, one of five EU states that depend totally on Russia for nuclear fuel, and Westinghouse Electric Company signed a shareholder agreement on Friday paving the way for construction of a new nuclear reactor estimated to cost $5 billion.          

The deal, which still requires the approval of Bulgaria's next government, will help the Balkan country reduce its energy dependence on Russia at a time of increased tensions between Moscow and the European Union over Ukraine.        

Bulgaria currently operates two Soviet-made 1,000 megawatt nuclear reactors at the Kozloduy site on the River Danube.       

Westinghouse, the world's largest nuclear fuel producer and part of Japan's Toshiba group, will take a 30 percent stake in Kozloduy NPP - New Build, which will construct the new units at the Kozloduy site.          

"The agreement is signed. However, it will only enter into force if approved by the next government," said Ivan Genov, chief executive of Kozloduy nuclear plant.         

Bulgaria's Socialist-led government resigned last week, paving the way for an interim cabinet to take over for two months ahead of a snap election in October. The main centre-right opposition GERB party is tipped to win the election.         


REUTERS
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