Investors’ agreement for nuclear reactors 3 and 4 could be extended

The agreement that the seven investors involved in the EUR 4 bln project to build nuclear reactors 3 and 4 within the Cernavoda nuclear power plant had reached could be extended by at least six months, sources familiar with the negotiations stated yesterday, quoted by Mediafax.

“Not all problems have been solved, that is why there are concrete talks about extending the investors’ agreement by at least six months. The process of establishing the sources of financing alone lasts at least a year for example and that process has not even started. But the extension period is the object of negotiations too. The investors’ agreement currently in force stipulates that if an agreement is not reached EnergoNuclear will be dissolved, however the chances for that to happen are extremely small,” the sources stated.

The investors’ agreement, signed in November 2008 and approved through a government decision, stipulates that the companies involved should settle the commercial arrangements concerning the two nuclear reactors’ construction, long-term exploitation and sources of financing, and should obtain the European Commission’s notices. The agreement expires on September 25. “The manner in which this extension will be negotiated is very important. If the rights of each investor are equal and transparent then all of them will carry on. However, if the terms are disproportionate then some might drop out,” the sources pointed out.

State-owned company Nuclearelectrica owns 51 per cent of EnergoNuclear, a mixed company formed in order to build the two nuclear reactors.

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