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Belarus : Plans to spend $450 million on BELARUSIAN nuclear power plant project
Publish Date : 17-Feb-2014
Programs have been made to invest about $450 million on executing the investment venture to develop the Belarusian nuclear power plant.
An official noted, "It is a large figure. This week we have held a session of the operations center in Ostrovets, with all the subcontractors taking part. We have divided the volumes. The process is moving into the right direction."
"In November after the presidential decree was adopted and the license to build the first power-generating unit was issued, we got down to building the power plant after completing preparations. All the apportioned money was spent. For the next year we should now get the license to continue building the first power-generating unit and the license for the second one," Energy minister said.
Belarus and Russia finalised the general agreement to develop the Belarusian nuclear power plant in July 2012. The cost of building the installation is mainly covered by the state export loan granted by Russia. In line with the relevant intergovernmental contract the loan can offer up to $10 billion for 25 years to cover 90% of the cost of every agreement between the Russian company ZAO Atomstroyexport and the Belarusian state institution Directorate for Nuclear Power Plant Construction. Russia's Vnesheconombank and Belarus' BelVEB Bank are the agent banks in charge of servicing the loan. The Belarusian Finance Ministry has also requested Vnesheconombank to lend up to $500 million to fund the advance payments as part of the general agreement.
The Belarusian nuclear power plant will have two power-generating units with the total potential of up to 2,400MW (1,200MW each). It will be built using the Russian design AES-2006, which is compliant with international norms and IAEA recommendations. The merged organisation OAO NIAEP – Atomstroyexport (ASE) is the general designer and general contractor of the venture.
