Subscribe free to our newsletters via your
. Nuclear Energy News .

Russia claims 1.0 bn euros over Bulgaria nuclear deal
by Staff Writers
Moscow (AFP) Sept 11, 2012

Russia has raised to one billion euros ($1.3 billion) its compensation claim against Bulgaria over Sofia's decision to drop a deal for a Russian firm to build a new nuclear power plant.

"The increased damages claim now amounts to no less than one billion euros," Atomstroiexport, Russia's nuclear export monopoly, said of the claim made with the International Court of Arbitration.

The new claim is a sharp increase on the previous sum of 58 million euros ($75 million) Atomstroiexport had sought at the Paris-based court from Bulgaria's national power company over the deal for the Belene power plant.

Bulgaria said in March it had decided to cancel the deal with Atomstroiexport to build the Belene 2,000-megawatt nuclear power plant on the Danube as it could not afford to pay, a move that angered Moscow.

The price of the plant was estimated at about 6.0 billion euros ($7.7 billion) plus interest on eventual credits Sofia would have to take to fund the deal.

Astomstroiexport said the new damages claim had been forced by the Bulgarian government's decision to scrap the deal entirely as Sofia was "refusing to compensate for the sustained losses and expenses."

"The claim by Atomstroiexport includes the cost of all the works carried out on the project, the cost of equipment, losses and so forth," it said in a statement carried by Russian news agencies.

The first agreement on the construction of the power station by Russia was signed with Bulgaria in 2006 with the contract inked in January 2008. But the project was dogged by constant price-haggling.

Anton Khlopkov, director of the Center for Energy and Security Studies, said the dispute was already politicised and the Russian nuclear agency Rosatom, Atomstroiexport's owner, did not want clients to be seen backing out of deals.

"The question will have to be solved at a political level, it is already politicized and the political leadership is involved in it," he told AFP.

"Russia has a large book of atomic orders and it is important for Rosatom to show that it is observing contractual obligations and is expecting its partners to observe their obligations too."

"Russia is investing $7-8 billion in some of these projects. It is important to use this episode as a precedent to show that partners also have to observe their obligations."

Atomstroiexport complained that it had placed orders with Russian sub-contractors for the project several years previously due to the long period required to make the components of an atomic power plant.

"Most of these parts have been manufactured but are in storage with Russian firms because of Bulgaria's refusal to take them," it said.

The company said it had already carried out all the necessary geological work on the site in Bulgaria and had cleared it of all remaining old constructions in order to build the power plant.

Part of the International Chamber of Commerce, the International Court of Arbitration helps in arbitration disputes but cannot itself award damages or even costs.

Meanwhile, Bulgaria's national electricity company has launched a counter-suit against Atomstroiexport at a Geneva arbitration court to recover what it said were 61 million euros ($78 million) in debts.


Related Links
Nuclear Power News - Nuclear Science, Nuclear Technology
Powering The World in the 21st Century at

Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks DiggDigg RedditReddit GoogleGoogle

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

France says it will close oldest nuclear plant by 2017
Paris (AFP) Sept 7, 2012
French Ecology and Energy Minister Delphine Batho said Friday the government was still committed to closing the country's oldest operational nuclear plant by 2017. A steam leak due to an accidental chemical reaction led to two people being slightly burnt on Wednesday at the Fessenheim plant, located in eastern France close to the Swiss and German borders. The incident resulted in renewed ... read more

EU changes tack on biofuels on greenhouse gas concerns

Waste cooking oil makes bioplastics cheaper

Japan toilet maker showcases 'poop-powered' motorbike

Biorefinery makes use of every bit of a soybean

China 'deeply regrets' EU solar panel probe

EU hits Chinese solar companies with massive dumping probe

Constellation announces the completion of 16MW solar installation

Showing the way to improved water-splitting catalysts

Analysis sets price of global wind farms

SeaRoc charter MPI Adventure for Narec's Offshore Anemometry Hub Installation

Japan starts up first offshore wind farm

Maximum Protection against Dust; Minimal Effort

France aims at tiered energy pricing to encourage savings

Renewable Energy Sources Could be the Key to Reaching Through to Iran

Electricity prices spark welcome political collaboration

Australian shipping emissions identified

LEDs winning light race to save energy, the environment

China hikes fuel prices for second month

Ugandan govt. releases oil exploration map

Nigeria has former militants guarding oil

Birth of a planet

A Hot Potential Habitable Exoplanet around Gliese 163

NASA's Kepler Discovers Multiple Planets Orbiting a Pair of Stars

How Old are the First Planets?

Nuclear-powered cruisers' upgrade: when economy is pointless

Taiwan to build six minehunters

Navy as an instrument of big strategy

Myanmar names navy chief as new vice president

Indian PM defends spending on space exploration

Hadley Crater - closing in on the Martian interior

Northrop Grumman Aids Navigation of NASA's Curiosity Mars Rover

Mars's dramatic climate variations are driven by the Sun

The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement