Turkey

In a major blow to one of Russia’s most ambitious international nuclear deals, three investors backed out of the Akkuyu Nuclear Power Plant, leaving Russian state nuclear corporation Rosatom adrift on how to finish the $20 billion station. Russian President Vladimir Putin touted progress on the plant as recently as November during a state visit to the Turkish capital, and the Kremlin propaganda news network RT pushed the narrative that the plant’s first reactor would be finished ahead of its scheduled 2023 launch date. That was all thrown into doubt last week when a Turkish consortium, representing 49 percent of the funding for the Akkuyu plant’s construction, backed out of the deal, citing a failure to agree on a number of project’s “commercial conditions,” Russian and Turkish news outlets said. Rosatom is now in talks to secure other investors, but the corporation wont’ say by how long the loss of half the project’s financing will delay the station’s launch, or by how much the project’s price tag is likely to increase as a result of the back out.

Bellona 12th Feb 2018 read more »

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Published: 13 February 2018