China, Russia sign $1B nuclear deal
Friday May 23, 10:24 am ET
By Vladimir Isachenkov, Associated Press Writer
Russia signs $1 billion deal with China to build nuclear fuel plant, supply uranium
BEIJING (AP) -- Chinese and Russian officials signed a $1 billion deal Friday to have Moscow build a nuclear fuel enrichment plant in China and supply uranium.
The deal, which strengthens Russia's role as a supplier to China's fast-growing nuclear power industry, was signed during a visit to Beijing by Russian President Dmitry Medvedev. Medvedev and Chinese President Hu Jintao watched as officials signed the deal at the Great Hall of the People, the seat of China's legislature.
The deal calls for Russia to build a $500 million nuclear fuel enrichment plant and supply semi-enriched uranium worth at least $500 million.
"It's a good addition to our presence in China," said Sergei Kiriyenko, chief of Rosatom, the Russian government-controlled nuclear equipment company.
Russia is looking to China as an important market for civilian nuclear technology as Beijing builds more nuclear power plants in an effort to curb the country's rapid growth in the use of fossil fuels.
Earlier this year, a Russian company completed work on two 1,000-megawatt light-water reactors for China's Tianwan nuclear power plant south of Shanghai.
China plans to build 40 plants by 2020, tripling the nuclear share of its power generation to 6 percent.
A nuclear power plant built with Russian technology at Lianyungang on China's east coast north of Shanghai began operating in 2006.
Other nuclear power plants in China are based on French, Canadian and Chinese technology. Westinghouse Electric Co., which is owned by Japan's Toshiba Corp., signed a deal last year to supply China's first four U.S.-designed plants. |
