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Bulgaria pulls out of $4bn Westinghouse nuclear deal

nuclear-costs1Bulgaria drops $4bn Westinghouse nuclear deal  Yahoo 7 News, April 1, 2015  Sofia (AFP) – Bulgaria has dropped a deal with US-based firm Westinghouse Electric to build a new reactor at its only nuclear plant because of financial pressures, Prime Minister Boyko Borisov announced Wednesday.

“We cannot uphold the agreement” which is worth $4 billion (3.8 billion euros), Borisov told parliament, adding that the cash-strapped country was unable to shoulder the costs…….

Westinghouse, a subsidiary of Japanese company Toshiba, had initially planned to take a 30-percent stake in the Kozloduy project, but Bulgarian media reported that it now refused to invest in the deal.

The company has not yet commented on Borisov’s announcement.

In 2012, Bulgaria was forced to drop another project, this time to build two Russian VVER 1,000-megawatt reactors at the planned Belene nuclear plant in the country’s north.http://news.yahoo.com/bulgaria-drops-4bn-westinghouse-nuclear-deal-161118449.html?soc_src=mediacontentstory&soc_trk=tw

April 4, 2015 - Posted by | Bulgaria, business and costs, politics

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