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UAE issues new nuclear liability law -Disaster Liability capped at around $700 million

by Adam Lane on Oct 15, 2012

The UAE President, His Highness Sheikh Khalifa bin Zayed Al Nahyan, has issued a new Federal Law covering civil liability and compensation for nuclear damage that could occur as a result of a nuclear accident.

“This Law was drafted in accordance with the Vienna Convention on Civil Liability for Nuclear Damage as amended by the 1997 Protocol, which the UAE acceded to in August 2012. The establishment of such a robust nuclear liability regime is another step forward of the UAE Government’s responsible approach to develop a solid regulatory framework for the peaceful nuclear energy programme.

“This new liability regime provides a clear and predictable process for the public and nuclear industry to deal with compensation for damages that may arise in the case of a nuclear accident,” said H.E. Hamad Al Kaabi, the UAE’s permanent representative to the International Atomic Energy Agency (IAEA), speaking at a press conference held at the Federal Authority for Nuclear Regulation HQ.

The new law makes the operator of a nuclear facility solely and exclusively liable for damages that arise from a nuclear incident as defined by the 1997 Vienna Convention. The operator’s liability has been set at 450 million Special Drawing Rights (SDRs), equivalent to around US $700 million.

The FANR was named as the competent authority, with responsibility for implementing the law through the issuance of rules and regulations within its area of competence.

http://www.utilities-me.com/article-2143-uae-issues-new-nuclear-liability-law/

And checkout the below info following the link below

 

U.A.E. Nuclear Program Gets $2 Billion Loan from U.S. Exim Bank

By Ayesha Daya – Sep 9, 2012 7:34 AM GMT
 

Emirates Nuclear Energy Corp., the state-owned company developing an atomic power plant in the United Arab Emirates, received a $2 billion loan from the U.S. Export-Import Bank.

The loan to the Barakah One Co., a unit of Emirates Nuclear, will pay for American products and services used in the construction of four 1,400 megawatt reactors, according to a statement from the government-run bank. Westinghouse Electric Corp., based in Pittsburgh, will supply some of the equipment for the facilities, the bank said.

The first of the plant’s four reactors will be ready in 2017, with each additional unit becoming operational every year through 2020, according to Emirates Nuclear.

The U.A.E., the sixth-largest producer in the Organization of Petroleum Exporting Countries, is developing nuclear power to meet rising electricity demand from its growing population and diversifying industries.

http://www.bloomberg.com/news/2012-09-09/u-a-e-nuclear-program-gets-2-billion-loan-from-u-s-exim-bank.html

October 15, 2012 - Posted by | Uncategorized

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