Industrial and Commercial Bank of China to finance project for reactors 3 and 4


According to Deputy PM Liviu Dragnea, discussions are being had about using Canadian technology to build the two reactors.

The Industrial and Commercial Bank of China has decided to finance the investment project for the construction of reactors 3 and 4 of the nuclear power plant in Cernavoda.
“The president of the Industrial and Commercial Bank of China has shown a clear interest in the investment projects agreed upon by the two governments – the investment project for the construction of reactors 3 and 4 of the nuclear power plant in Cernavoda and the investment projects in other energy production capacities, the negotiation of which is in the advanced stages – and decided to financially support them,” Deputy Prime Minister Liviu Dragnea said yesterday after a meeting with the Chinese banking official, Huiman Yi.
According to Dragnea, discussions are being had about using Canadian technology to build the two reactors, since the entire Romanian system was built with this technology. The assessed costs for the construction of two new reactors amount to EUR 6.4 billion. The project was initiated in 2006 in collaboration with European partners who later withdrew from the project citing China’s involvement, a situation some investors have deemed ‘incompatible’ with initial assessments.
The Chinese bank will also finance other projects focusing on hydroelectric power plants such as the one from Tarnita and a construction project for a wind power park, the Deputy Prime Minister noted. The former of the two projects dates back from the Communist regime and the investment has been estimated at EUR 1.1 billion.
Dragnea said further that the Chinese bank president expressed his determination to support investments in the Romanian railway infrastructure, in particular in high speed trains. The Chinese bank is carefully looking into the possibility of opening a branch in Romania. “By financing very valuable projects, perhaps worth even over EUR 10 billion, the bank is looking into the possibility of opening a branch in Romania. They already have a branch in Poland,” Dragnea said. When asked how the Chinese will profit from their investments in Romania, he replied this aspect is part of the negotiation details
“It’s a win-win because we win orders for the Romanian industry and jobs; if all these projects are carried out there will be thousands upon thousands of job. In Cernavoda alone there will be eight or nine thousand direct jobs, which translate into additional revenue for the state budget and the consolidation of Romania’s energy independence,” Dragnea pointed out.

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