TVEL wins tender to build fuel plant in Ukraine

1 November 2010

Russian fuel company TVEL, and Nuclear Fuel, a Ukrainian state concern, signed and agreement for construction of a plant that will produce nuclear fuel for VVER-1000 reactors in the Ukraine following a tender process. TVEL will help finance the project.

The agreement signed on October 27 became a basis document for both of the companies and a landmark for their further activities connected with taking the first steps towards the implementation of the project. In particular, the parties clarified the key terms and parameters for the plant that are based strictly on TVEL's bid.

The agreement also emphasizes the importance of obtaining licenses and authorizations, needed for plant construction, qualification and operation, from the Ukrainian competent authorities in due time. The Ukrainian party is nowadays searching rapidly a site for plant deployment.

In the near future the parties will agree on, sign and approve an outline plan of project implementation activities at the nuclear agencies of the two countries, and will proceed with the creation and registration of a joint company, in which a stake of 50% plus one share will be owned by the Ukrainian authorized organization.

The document reinforces TVEL’s intention to transfer technologies of all nuclear fuel production stages by 2020, provide technological support of plant operations, including introducing leading-edge technologies, train personnel and qualify the plant. In addition, TVEL will give the Ukrainian party access to partial financing of the project. TVEL also stated its readiness to supply all nuclear fuel components and parts that will be missing until localization is completed, and to provide uranium enrichment services from Russia.

The agreement also provides for an opportunity for the plant to supply its products to third-party states in the future.

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