Friday, 3 September 2010
Korea's Kepco wants 40pct stake in Turkey nuclear plant
Thursday, 29 July 2010 at 16:56, Rueters, Ankara
Korea Electric Power Corp (Kepco) wants a 40 per cent stake in a planned Turkish nuclear power plant and would contribute to the financing, Turkish energy officials said on Thursday.
Negotiations are ongoing between state-run Kepco, Turkey's Energy Ministry and state power producer Elektrik Uretim for a nuclear power plant near the Black Sea town of Sinop, and officials want to finish them before November.
Sources at the energy ministry told Reuters that Turkey and Kepco would provide 30 per cent of the funding for Sinop and raise the remaining 70 per cent through borrowing.
The plant is targeted to start operations in 2019.
Turkey wants to build two nuclear plants to reduce its dependence on imported energy and cover a looming power shortfall.
South Korea signed a memorandum of understanding with Turkey in June to cooperate on nuclear power projects, which was seen helping Seoul win an order to build a plant.
An energy official said the Sinop plant would have four reactors and a total capacity of 5,600 megawatts.
"The construction is planned to be completed 88 months after the signing of the agreement," the official added.
The cost of the Sinop plant is not clear, though analysts have estimated it could reach $10bn.
In the case of another planned nuclear plant in Akkuyu in southern Turkey to be built by Russian firms, an agreement between Moscow and Ankara dictated a minimum Russian stake of 51 per cent, and the Russian firms are expected to own 100 percent. The plant is targeted to operate from 2018.
The cost of the Akkuyu plant was estimated to be $20bn.
Negotiations are ongoing between state-run Kepco, Turkey's Energy Ministry and state power producer Elektrik Uretim for a nuclear power plant near the Black Sea town of Sinop, and officials want to finish them before November.
Sources at the energy ministry told Reuters that Turkey and Kepco would provide 30 per cent of the funding for Sinop and raise the remaining 70 per cent through borrowing.
The plant is targeted to start operations in 2019.
Turkey wants to build two nuclear plants to reduce its dependence on imported energy and cover a looming power shortfall.
South Korea signed a memorandum of understanding with Turkey in June to cooperate on nuclear power projects, which was seen helping Seoul win an order to build a plant.
An energy official said the Sinop plant would have four reactors and a total capacity of 5,600 megawatts.
"The construction is planned to be completed 88 months after the signing of the agreement," the official added.
The cost of the Sinop plant is not clear, though analysts have estimated it could reach $10bn.
In the case of another planned nuclear plant in Akkuyu in southern Turkey to be built by Russian firms, an agreement between Moscow and Ankara dictated a minimum Russian stake of 51 per cent, and the Russian firms are expected to own 100 percent. The plant is targeted to operate from 2018.
The cost of the Akkuyu plant was estimated to be $20bn.
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