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Huge financial waste in failed Bulgarian nuclear plant

Bulgaria Minister: BGN 300,000 for Nuclear Plant JV Gone Novinite.com November 6, 2009,

Bulgaria’s government will approach prosecutors on suspicions of embezzlement of funds earmarked for Belene nuclear project, the economy and energy minister said on Friday.

“A total of BGN 300,000, which the government allotted for raising the capital of state power utility NEK and forming the joint venture agreement with German utility RWE AG have been spent away,” Minister Traycho Traykov said in parliament.

“The joint venture never happened, but the money is gone,” he said, adding that the revelation raises questions about the control of the then energy minister over the spendings for these companies.

German utility RWE owned a 49% stake in the joint venture that was planning to build a 2-gigawatt EUR4 billion reactor near Belene. NEK owns the remaining 51%.

RWE terminated the joint venture agreement with NEK for the construction of a 2000MW nuclear plant in the Bulgarian Danube town at the end of October due to funding problems.

Bulgaria: Bulgaria Minister: BGN 300,000 for Nuclear Plant JV Gone – Novinite.com – Sofia News Agency

November 7, 2009 - Posted by Christina Macpherson | 1, business and costs, EUROPE | antinuclear, nuclear, nuclear costs, nuclear secrecy, radiation, radioactive