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Russia Confirms Plans for 80% in Bulgaria Nuclear Project

Date: 25.03.2010

The Russian corporation Atomstroyexport is requesting 80 % shares in the future project company to build Bulgaria's second Nuclear Power Plant (NPP) in the Danube town of Belene.

The information was announced Tuesday by the Bulgarian Dnevnik, citing Russian media reports and the corporation's Vice President Timur Bavlakov speaking at a business forum of the nuclear sector suppliers.

Bavlakov had further explained Atomstroyexport plans to obtain a building permit for Belene from the Bulgarian nuclear regulator by the beginning of 2011, adding the company had completed the technical design, had ordered over 75 % of the needed equipment, and had prepared the construction site. The Vice President is also quoted as telling the forum participants that Bulgaria is looking to attract a new strategic investor for the NPP.

In February, Russia offered a EUR 2 B loan to finance the project until such investor is found. Bulgaria's cabinet is yet to give an official response, but Prime Minister, Boyko Borisov, recently stated the project will be halted if Bulgaria fails to attract an investor.

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