Russia to pay for 85% of costs to complete Khmelnitsky 3&4

12 November 2010

Russia has agreed to provide credit for both the Russian and Ukrainian supplies for completion of construction of the 3rd and the 4th power units of Ukraine's Khmelnitsky NPP.

The unfinished Khmelnitsky 3
The unfinished Khmelnitsky 3


In a tentative financing scheme, Russia would provides credit for 85% of the project and the Ukraine would provide 15%, according to president of Ukrainian state enterprise National Nuclear Energy Generating Company Energoatom Yury Nedashkovsky.

“Now we’re completing separation of the Russian and the Ukrainian parties responsibilities, preparing all specifications: what equipment we’re going to get from the Russian Federation, the Ukraine, third countries,” Nedashkovsky said.

At present the company channels funds in the amount of $30 million per year for the project implementation. These funds are spent on repair works on separate local projects. Energoatom plans to conclude a contract for the reactor containment with Russia before the end of the year.

Rosatom has announced that work could begin at the end of 2010 or beginning of 2011.

In October, Sberbank of Russia agreed to provide a first tranche of $1 billion of credit; negotiations on further monies would begin after approval of the project.

Energoatom has applied to National Electricity Regulation Commission to increase the cost of electricity generated by Khmelnitsky to invest additional revenue to the unit's construction.




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