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Russia Forces Bulgaria to Pay for Part of Unwanted Nuclear Power Station

Mining Awareness +

The International Chamber of Commerce just ruled that Bulgaria’s state energy firm NEK must pay around 550 million euros ($620 million) to Russian State owned-controlled Atomstroyexport for equipment supposedly already produced for the cancelled Belene nuclear power project (See Reuters 16 Jun 2016). This is about 0.5% of Bulgaria’s GDP ($123.9 billion 2014 https://en.wikipedia.org/wiki/Economy_of_Bulgaria) And, it will eventually be paid for by the taxpayer. To complete the power station would have a cost estimated at 10 billion euros seven years ago or almost 10% of GDP.

What it probably really means is that Bulgaria’s being pushed to buy an updated Soviet VVER, possibly for Kozloduy instead of Belene. Russia had asked for $1.2 billion probably knowing that they would get half of what they asked for as a “compromise”. Russia is already leveraged into the “market” because now Bulgaria must decide what to do with whatever reactor parts Russia alleges…

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June 17, 2016 - Posted by | Uncategorized

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