Rosatom Launches Nuclear Synthesis
Russia’s Federal Atomic Energy Agency, Rosatom, and Gazprombank, which is the principal holder of United Heavy Machinery (Russia’s abbreviation is OMZ) are negotiating establishment of an atomic engineering holding worth $3 billion to $5 billion. If eventually created, the holding will end Rosatom-Gazprombank disputes over atomic engineering assets.
Quite soon, Rosatom and Gazprombank “will present the agreement” on joint management of Izhora plants, Rosatom chief Sergei Kirienko announced Friday. OMZ member, Izhora plants manufacture nuclear reactors.
Kirienko gave no details, specifying, however, that the partners will jointly manage the investment program and development of Izhora plants.
But the real cooperation could be wider, said a few sources with atomic industry. Rosatom and Gazprombank are deliberating on setting up the biggest holding in atomic engineering. It will emerge on the basis of Atomstroiexport that constructs nuclear plants overseas and where Rosatom owns 51 percent and Gazprombank has 49 percent. The new giant will consolidate the production chain in part and in whole, starting from designing nuclear plants to equipment deliveries. Its co-owners will be Rosatom, Gazprombank and the state-run Bank for Development (former Vneshekonombank).
For this purpose, Atomstroiexport holders are expected to sanction by this year-end the stock capital increase from 100,000 rubles to $500 million. Rosatom, Gazprombank and Bank for Development will pay for the new stocks, both in money and in assets. The definite distribution of shares is yet unclear. But the Bank for Development is said to be eyeing no more than 10 percent to 15 percent in the new giant.
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All the Article in Russian as of Nov. 06, 2007
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