2 Jul (NucNet): Alstom of France and Russia’s Atomenergomash have finalised a joint venture that will manufacture the conventional islands of Russian nuclear power plants.
The agreement was signed on 29 June 2007 at Alstom headquarters in France, in the presence of Sergei Kiriyenko, head of Russia’s Federal Atomic Energy Agency (Rosatom), and Patrick Kron, Alstom’s chairman and chief executive officer.
The joint venture, in which Atomenergomash will hold 51 percent and Alstom 49 percent, will be based in Podolsk, close to Moscow. It will manufacture the entire conventional island of nuclear power plants based on Alstom’s ‘Arabelle’ half-speed turbine technology. Alstom will transfer the technology to the new company, named Alstom Atomenergomash.
The two partners will together invest 300 million euros (EUR) (407 million US dollars) in the form of assets and cash. Their ambition is to reach a business volume of EUR 1 billion per year. The joint venture will employ around 700 people.
The two companies signed a framework agreement in Moscow in April 2007. At the time, Alstom said the joint venture would offer a “complete package” of nuclear reactor and conventional island construction.
Atomenergomash is a subsidiary of state-owned Atomenergoprom, which is responsible for producing equipment for Russia’s civil nuclear programme.
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