Gulf countries eye Akkuyu Nuclear Power plant construction

Published 31.03.2017 23:27

Rosatom State Atomic Energy Corporation Chairman Alexey Likhachev has said that Gulf countries and Russian companies are interested in the construction process of the Akkuyu Nuclear Power Plant.

Likhachev spoke to journalists at a conference titled "North Pole - Dialogue Region" in the Russian city of Arkhangelsk.

Commenting on the investment agreement process regarding the project, Likhachev said: "Gulf states and Russian companies are interested in the construction process of Akkuyu. We expect that the investment agreement for the project will be signed in 2018 and the inclusion of third parties in the investment process will be clarified at this stage with the Turkish government."

The intergovernmental agreement signed with Russia on Akkuyu, which will be the first nuclear power plant in Turkey, stipulates that 100 percent of the project will be actualized by Rosatom, and 49 percent of its stakes may be sold to foreign investors.

In April 2016, Russia's Rosatom State Atomic Energy Corporation decided to sell up to 49 percent of the Akkuyu Nuclear Power Plant, Inc. to local companies in an attempt to form new partnerships and initiated partnership negotiations with Cengiz Holding first.

Rosatom is constructing the Akkuyu power plant and it is expected that the facility will produce approximately 35 billion kilowatt-hours of electricity per year once completed. Its service life is estimated to last 60 years.

Energy and Natural Resources Minister Berat Albayrak previously paid a visit the construction field of the Akkuyu nuclear power plant, which will be the first nuclear energy plant in Turkey, and during that visit he announced the plant will be operational by 2023. "We plan to take Akkuyu into service in 2023," said the minister early February. Examining the field, Albayrak underlined that the plant will have the highest of international security standards and will use 3+ technology.

The nuclear plant in the southern province of Mersin is the first of three nuclear power plants Turkey currently plans to build to reduce its dependence on imported energy from exporters. Turkey launched the construction of its first nuclear power plant in negotiations with Russia in 2010 for greater energy independence.

The initial agreement on the nuclear power plant was signed between Turkey and Russia in 2010. The power plant consists of four nuclear reactors and an installment capacity of 4,800 megawatts (MW) The $20 billion project will consist of four units, each of which will be capable of generating 1,200 megawatts of electricity.

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