Bulgaria Imports Russian Workforce for Belene N-Plant
7 March 2008, Friday
Construction on Belene two twin 1000 M units is expected to begin in the second half of the year, with 2014 and 2015 as the tentative deadlines for the two reactors to go online. Photo by Yuliana Nikolova (Sofia Photo Agency)
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Russian nationals will account for half the workforce to build two nuclear reactors at Bulgaria's Belene power plant on the Danube to make up for a shortage of local experts, Moscow officials have announced.
"Some 2,000 Russian experts will join the construction of Bulgaria's second nuclear power plant," Genadij Rostovski, chairman of the Russian Chamber of Commerce and Industry for the Balkans, said during his visit to the northern town of Veliko Tarnovo.
The long-awaited EUR 4 B deal that will see Russia's state-owned Atomstroyexport design and build the two twin 1000 M reactors was sealed at the end of January during the visit of Russian President Vladimir Putin to Sofia, more than a year after Bulgaria picked the firm.
The total costs of the project are expected to run much higher, to the tune of EUR 6-7 B, and Russia is interested in developing the lucrative project further.
Construction on the two twin 1000 M units is expected to begin in the second half of the year, with 2014 and 2015 as the tentative deadlines for the two reactors to go online.
Bulgaria's government has set mid-2008 as the deadline to pick the strategic investor, who will buy 49% in the company that will build and operate Belene nuclear power plant.
The country's power grid operator NEK, which will own the remaining 51%, said all five bidders left in the race have submitted their improved bids before the January 9 deadline.
The short-listed bidders are Czech CEZ, German E.ON and RWE, Belgian Electrabel and Italy's Enel.
By the time the strategic investor is picked, NEK will also have to choose the bank that will arrange the financing for the construction of the power plant.
Until then, financing is ensured through a EUR 250 M bridge loan contracted from BNP Paribas.
If the selection process is delayed, Bulgaria could use its fallback option and contract up to EUR 600 M from EU's Euratom agency and the European Investment Bank (EIB), with the cabinet underwriting both
