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Russia’s Rosatom will fund, and control, Nigeria’s $20bn nuclear power project

Russian-BearNigeria in $20bn nuclear power talks with Russia – struggling S. Africa currently has eight times more capacity 14 APR 2015 BLOOMBERGJOSEPH BURITE   “………….South Africa, with a third of Nigeria’s population yet eight times more installed capacity, has also signed an agreement with Rosatom as the nation looks to add 9,600 megawatts of atomic power to its strained grid.

South Africa’s agreement with Rosatom gave the company the right to veto the nation doing business with any other nuclear vendor, Johannesburg-based Mail & Guardian reported in February.

Majority stake
Rosatom and Nigerian officials met last month within the framework of a 2009 intergovernmental agreement to discuss cooperation, Rosatom spokesman Sergei Novikov said by phone from Istanbul. To date, no memorandums have been signed about the development of a nuclear plant, he said.

Rosatom will hold a majority, controlling stake in Nigeria’s nuclear facility while the rest will be owned by the country, with roles to be specified in contracts, Osaisai said. “The government will enter a power-purchasing agreement for the nuclear plant.”

The plants will be financed by Rosatom, which will then build, own, operate and transfer them to the government, he said.

Rosatom is marketing its reactors with generous financing offers as Moscow seeks new markets for its technology amid a looming recession. Over the last year, its international portfolio of orders has grown to more than $100 billion, including deals to build new reactors in Iran, Hungary, India and Jordan.

Africa’s sole nuclear power station is Koeberg in South Africa, which is owned by state-owned Eskom Holdings SOC Ltd. (Bloomberg) http://mgafrica.com/article/2015-04-14-nigeria-in-20bn-nuclear-power-talks-with-russia-struggling-s-africa-currently-has-eight-times-more-capacity

April 15, 2015 - Posted by | Nigeria, politics international

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