• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

State to Gain Control of Atomstroiexport in 7 Days

Posted on: Tuesday, 21 February 2006, 21:00 CST

MOSCOW. Feb 21 (Interfax) - The state will gain control of nuclear energy construction firm CJSC Atomstroiexport within seven days, Sergei Kiriyenko, head of federal atomic energy agency Rosatom, told reporters.

Kiriyenko said the wholly state-owned nuclear exporter Techsnabexport had signed a deal to buy 4% of Atomstroiexport from Gazprombank and that the deal would be closed within seven days.

Gazprombank currently controls just over 53% and Rosatom approximately 46% of Atomstroiexport.

Atomstroiexport, set up in 1998, is one of the world's leading companies in constructing nuclear power facilities and is currently building nuclear power plants in Iran, China, and India.

The task of gaining control of Atomstroiexport "was set a month ago," Kiriyenko said. Given the enormous amount of nuclear power plant construction going on in the world, "Russia must fight for that external market," he said. State control over the company will enable that to be done more effectively, he said.

"It's shocking to think how few [new nuclear plants] we have built in recent years," Kiriyenko said. "We've regained control, although I can't really understand how we lost it," he said.

Gazprombank bought 18% of Atomstroiexport in October 2004 and another 35.9% in March 2005 to increase its stake to 53.9%. The bank estimates it spent a total of $25.5 million on shares in Atomstroiexport.

Source: Daily News Bulletin; Moscow - English

More News in this Category