Rosatom and Rusal to Build Nuclear Power Plant in Russia

Russia’s nuclear energy agency Rosatom and Russian aluminum producer Rusal have signed a memorandum on implementing a number of long-term joint investment programs, including a joint project in the country’s Far East that will be comprised of a nuclear power plant and an aluminum plant.

In a press release, Rusal commented that the agreement should help to secure Russia’s energy supply and to diversify the country’s energy basis. Rosatom and Rusal began their cooperation in August 2006, and looking forward, hope to jointly build nuclear power plants and power equipment.

Rosatom reported that a working group is currently preparing a feasibility report on the Far East project, which is likely to be completed by the end of 2007. The report will specify the parameters of the nuclear power plant and, once it is approved, both parties will determine the specific schedule of the project.

Sergey Kiriyenko, head of Rosatom, commented that the agreement is an important part of Russia’s aims to implement an ambitious program of nuclear energy development, including the modernization of existing nuclear power plants and the construction of new ones.

Alexander Bulygin, Rusal’s director general, said: “Our participation in the development of the Russian nuclear power industry will not only enhance Russia’s energy security but will also allow us to enlarge and to diversify our energy basis and to adopt modern international technologies.”

Rosatom and Rusal said that they believe the project should be implemented through a private-state partnership. According to Forbes, the companies’ joint project should help Russia to meet its target of increasing the proportion of power generated from nuclear plants to a minimum of 25% by 2030.