Bulgaria Goes Nuclear on Russia with a $5B Deal with Westinghouse (MT)
Bulgaria, one of five EU states that depend totally on Russia for nuclear fuel (the others being Czech Republic, Finland, Hungary and Slovakia), and Westinghouse Electric Company signed a shareholder agreement on Friday to pave the way for construction of a new nuclear reactor estimated to cost $5 billion.
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% stake in Kozloduy NPP — New Build, which will construct the new units at the Kozloduy site.
The deal still requires the approval of Bulgaria’s next government and it should be noted that the country’s Socialist-led government resigned a week ago, paving the way for an interim cabinet to take over for two months ahead of a snap election in October. The main center-right opposition GERB party is tipped to win the election.
Otherwise, it should be noted that Bulgaria still meets almost all of its gas needs with Russian imports and its only oil refinery is controlled by Russia’s LUKoil.
To read the whole article, Bulgaria to Cut Reliance on Russia With $5 Billion Nuclear Deal, go to the website of the Moscow Times. The press release, Westinghouse Completes Shareholder Agreement For Kozloduy AP1000® Plant in Bulgaria, can also be read on the website of Westinghouse Electric Company.
- Statistics on Swiss Franc Exposure in Central/Eastern Europe Lending (Reuters)
- What Russia Sanctions? Russia’s Rosneft and BP Sign Long-Term Oil Deal (MT)
- The Coming Eurasian Century: Russia and China are De-Dollarizing. Is “Pipelineistan” Coming?
- Will the Russia-China Gas Deal Give Japan Energy Security? (Reuters)
- Invest in Poorer Performing Emerging Markets for Better Gains? (CNBC)
- East-west Clash as Czechs Vote for New President (AFP)
- Bloomberg’s Misery Index’s Most Miserable Emerging Markets
- Thanks America: Ukraine Issues (US Taxpayer Backed) Bonds at 28bps Above US Treasuries
- Hungary, Poland, Mexico and South Korea Poised to Handle a Pull Back in US Monetary Stimulus (WealthManagement.com)
- The 15 Most Miserable Emerging Market Economies (Bloomberg)