Russian State Nuclear Energy Company (Rosatom) is asking for another 93 billion rubles from the Russian budget to construct the Akkuyu Nuclear Power Plant (NPP) in Turkey in 2013-2015, according to materials for the government budgetary planning committee, which have been made available to Interfax.
Rosatom will need 22.45 billion rubles for that purpose in 2013, 39.25 billion rubles in 2014, and 31.428 billion rubles in 2015.
The Russian budget does not currently provide for this amount of financing. The Russian Finance Ministry did not support Rosatom's proposal to allocate subsidies for Akkuyu's construction in 2013-2015, although it did suggest that it be considered by a working group of the government budgetary planning committee.
At the end of last year, the Russian government allocated around 22 billion rubles in subsidies to Rosatom for the purpose of erecting the NPP in Turkey. At that time, Alexander Superfin, the head of JSC Akkuyu NPP (the project company for building the NPP), said that these funds would be enough to perform work at the NPP "for a year to a year and a half."
The Akkuyu NPP is a build-own-operate project, whereby Russia will own the plant. Rosenergoatom (part of Rosatom) currently owns 93 percent of the project company. Astomstroyexport and Inter RAO UES own 3.5 percent each.
There are plans to attract private investors to the project in the future.
Superfin has said that Russia might invest a minimum of $4 billion (over 130 billion rubles) of its own funds in the Akkuyu NPP, with the project estimated to be worth a total of $21 billion. Russia might step up its financing in the case that "foreign shareholders don't appear, which is possible," he said.
The Akkuyu NPP will be comprised of four power units, capacity 1,200 megawatts each, with launch in 2020-2023.
Turkey will undertake to buy electricity at a fixed rate for 15 years after the plant goes into service, in order to ensure payback.
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