Russian state nuclear corporation Rosatom has established an investment fund for its overseas projects, according to JSC Akkuyu Nuclear, its project company for the Akkuyu nuclear power plant in Turkey. The fund is to be headed by JSC Akkuyu Nuclear’s former general director Fuad Akhundov, who has been appointed deputy chairman of the company’s board of directors. Oleg Titov will become Acting General Director of Akkuyu Nuclear.

The board has said the company’s current period of development is to outline the "strategic objectives to attract investment to the project". These objectives comply with the intergovernmental agreement Russia and Turkey signed in May 2010 on construction of a NPP in Turkey, the company added.

The agreement was for the construction of four 1,200MWe Gidropress-designed AES-2006 VVER pressurized water reactors at an estimated cost of $22bn. Russia has already invested $3bn in preparatory work. The project is being financed by Russia under a build-own-operate model. The plant is scheduled to start operations in 2023. Under the agreement, the share of foreign investors in the capital of Akkuyu Nuclear can be up to 49%. Currently the company is wholly Russian owned.

In April, Rosatom director general Sergey Kirienko dismissed as speculation press reports that the corporation plans to sell a 49% stake in the project company. "We haven’t changed anything. There’s no news," he told reporters.

The Turkish Anadolu news agency and Reuters said Turkish construction firm Cengiz Insaat was in talks about buying the shares.