VanEck Vectors Uranium Plus Nuclear Energy ETF (NLR)

[3xBuBu]

CB&I and China National Nuclear Corporation to Collaborate on Nuclear Power Plant Development

http://online.wsj.com/article/PR-CO-20140716-906104.html

CB&I (NYSE:CBI) today announced it has signed a memorandum of understanding (MOU) with China National Nuclear Corporation (CNNC) to facilitate enhanced cooperation and collaboration between CNNC and CB&I in the development of nuclear power plants. The areas of cooperation include operation and maintenance support services for CNNC's operating nuclear power plants in China; engineering, procurement, and construction management (EPCM) of the AP1000(R) nuclear power plants planned and owned by CNNC in China; international nuclear power market development; and nuclear power training programs and management personnel exchange in the U.S. and China.

CB&I now has cooperative agreements in place with two of the three state-owned corporations empowered by the State Council of the People's Republic of China to own and operate nuclear power plants in China. In 2013, CB&I announced an agreement with China Power Investment Corporation (CPI) to form a joint venture company to build nuclear power plants in China.

China plans to increase its nuclear power generation capacity to 58 GWe by 2020 and currently has 28 nuclear power units under construction. CB&I is providing EPCM for four AP1000 nuclear power units under construction in China, including two units at CNNC's site in Sanmen, Zhejiang province.

"This new commitment with CNNC will provide CB&I with the opportunity to expand and diversify the services offered in China while the international deployment of CNNC's indigenous nuclear power technologies will offer expanded growth in the international nuclear power marketplace," said Philip K. Asherman, CB&I's President and Chief Executive Officer.