Russia’s TVEL boosts research spending

3 September 2015

Russian nuclear fuel company TVEL, part of state nuclear corporation Rosatom, in 2014 increased spending on science by 10% to RUB6.5bn ($96.7m). In 2013, the figure was RUB5.9bn, more than double spending in 2011, which was RUB2.8bn. Development of its own research work is a key priority for TVEL. The company provides nuclear fuel for 74 power reactors in Russia and in 15 countries in Europe and Asia, 30 research reactors worlwide, as well as for all transport reactors of the Russian nuclear fleet. Every sixth reactor in the world uses TVEL fuel.

Revenue in 2014 exceeded RUB144.9bn, a 5.5% increase on 2013, according to its consolidated financial statement for 2014, prepared in accordance with International Financial Reporting Standards (IFRS). The major share of revenue came from the sale of nuclear fuel at RUB85.5bn (RUB77.2bn in 2013).

Profits earned in 2013, which were used in 2014 to pay dividends to sole shareholder JSC Atomenergoprom totalled RUB16.2bn.

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