The Russian government has earmarked EUR 10bn for a loan to finance the expansion of Hungary's sole nuclear power plant in Paks, MTI news agency reported citing Russian news agency Interfax.
By signing the decision, Russian PM Dmitry Medvedev approved the draft agreement on the credit and mandated the finance, foreign affairs and economic development ministries as well as Rosatom and Vneshekonombank to work out the details with Hungary.
Russia has earlier agreed to provide a the intergovernmental loan to fund the construction of two new reactors at Paks. The credit will cover 80% of the total project cost, while the remaining EUR 2bn will be provided by the Hungarian state.
Under the deal, Russian state-owned nuclear company Rosatom will build the two reactors with a 1,200 MW capacity each. This will more than double the capacity of Paks, which currently has four Russian VVER-type reactors with a combined capacity of about 2,000MW. The first new block could become operational in 2024.
Related Articles
INTERVIEW: Biomethane can make up Ukraine’s gas shortfall - Ukraine Bioenergy Association
Ukraine is rapidly developing its biomethane sector with ambitions to become a major European supplier. Georgii Geletukha, head of the board at the Bioenergy Association of Ukraine, told bne ... more
Poland’s Orlen signs deal to supply Ukraine with LNG
Ukraine’s Naftogaz will purchase 100mn cubic metres of LNG from Poland’s Orlen, Ukraine’s biggest state-owned energy firm announced on March 7. The LNG will be transported from cargoes ... more
OPEC+ continues with production plan despite Trump’s demands
OPEC+ has decided to continue with its current oil production plans after a review meeting on February 2 despite calls from US President Donald Trump to lower crude prices. According to a ... more
Most Read
-
Putin to skip Rio BRICS summit over ICC warrant as Xi signals no-show
15 days ago
-
Turkey yet to prove rare earth deposit has suggested “giant” potential despite reported processing talks with China
10 months ago
-
Uproar in Mongolia as development bank reveals scale of risky loans and NPLs
3 years ago