Sunday, April 2, 2023
 
 

Kazatomprom to sell interest in Kazakhstan-Russian atomic enterprise

- Advertisement -

NUR-SULTAN, Kazakhstan –Kazatomprom said on 31 January Kazakhstan’s national atomic company plans to sell its 50% interest minus one share in the Uranium Enrichment Center (UEC) to its partner in the joint venture, TVEL Fuel Company (TVEL), for 6.253 billion roubles (approximately $100 million).
“The value of the Company’s interest in UEC is based on an independent fair market valuation carried out by a major global advisory firm. Kazatomprom is planning to retain one share in UEC, which will preserve the Company’s rights to access uranium enrichment services under the conditions previously agreed upon with TVEL,” Kazakhstan’s national atomic company said.
UEC is a joint Kazakhstan-Russian enterprise established in 2006 as part of the implementation of the Comprehensive Program of Kazakhstan-Russia Cooperation in the Peaceful Use of Atomic Energy. It owns 25% (plus one share) of the Ural Electrochemical Integrated Plant JSC in Novouralsk, Sverdlovsk region of Russia. UEC was the first company with foreign-ownership to have an interest in a Russian uranium enrichment facility.
“Kazatomprom’s decision to effectively exit UEC was based on the Company’s value-driven strategy, as well as its review of current uranium enrichment market conditions. Following negotiations with TVEL and approval by Kazatomprom’s Board of Directors, the transaction was approved by the Federal Antimonopoly Service of the Russian Federation on 30 January 2020, and it is now subject to approval by TVEL’s Board of Directors,” Kazatomprom said.
If approved by TVEL’s Board, and subject to customary closing conditions, the sale would be noted as a subsequent event in Kazatomprom’s 2019 Annual Operating and Financial Review and 2019 Annual Financial Statements expected to be published 5 March 2020, with the financial impact expected to be reflected in the Company’s 2020 first quarter financial statements.

- Advertisement -

Subscribe to our newsletter

Co-founder / Director of Energy & Climate Policy and Security at NE Global Media

Latest

When it comes to defense, the politicians must listen to those who know best – the generals

The halls of power are walked by people who know little, care even less and yet have the right to supersede and ignore the advice of those who know better.

Silicon Valley Bank financial contagion contained – for now

The world’s top policymakers and international financial leaders acted effectively in the days following the collapse of California’s Silicon Valley Bank. They appear to have dealt positively with the risk of wider global financial contagion.

EU plan to centralize gas purchases near impossible to implement

The global gas supply market will be much tighter this year than it was in 2022. The need for the EU to buy more gas, especially more liquified natural gas, from elsewhere will be greater.

Don't miss

When it comes to defense, the politicians must listen to those who know best – the generals

The halls of power are walked by people who know little, care even less and yet have the right to supersede and ignore the advice of those who know better.

Silicon Valley Bank financial contagion contained – for now

The world’s top policymakers and international financial leaders acted effectively in the days following the collapse of California’s Silicon Valley Bank. They appear to have dealt positively with the risk of wider global financial contagion.

EU plan to centralize gas purchases near impossible to implement

The global gas supply market will be much tighter this year than it was in 2022. The need for the EU to buy more gas, especially more liquified natural gas, from elsewhere will be greater.

Africa’s porous borders promote transnational crimes rather than deeper integration

For positive continental regimes to succeed, there must be both conscious and concerted efforts, as well as political will, from all states to help eliminate transnational crimes while fostering integration across the whole of Africa through trade.

When it comes to defense, the politicians must listen to those who know best – the generals

The halls of power are walked by people who know little, care even less and yet have the right to supersede and ignore the advice of those who know better.

EU plan to centralize gas purchases near impossible to implement

The global gas supply market will be much tighter this year than it was in 2022. The need for the EU to buy more gas, especially more liquified natural gas, from elsewhere will be greater.

Kazakhstan’s new parliament could usher in green energy, rare earth investments

Kazakhstan held internationally monitored elections for the Mazhilis, the lower chamber of the Kazakh Parliament, on March 19, following major constitutional reforms, which most...

Energy supply diversification out of Russia’s orbit is a top priority for Bulgaria

Bulgaria intends to diversify its energy resources, including supplying the country’s main refinery in Burgas - the largest in the Balkans - with non-Russian...

Georgia has shown the world that a Kremlin project can be defeated

In early March, the world’s attention was on Georgia. We saw massive protests fueled by anger, concerns and fear, and eventually, we witnessed a...

Putin’s New START withdrawal has broad implications

Vladimir Putin continues to persuade Russians that the West provoked his imperialist war of aggression against Ukraine. His announcement that he would no longer...

Energy-strapped Germany sets ambitious 30 GW offshore wind target by 2030

Germany, which has been struggling to fill its massive energy gap following Russia’s invasion of Ukraine and reduction of natural gas deliveries, is planning...

Providing Ukraine with advanced Western fighters is a logical step towards battlefield success

While Ukraine may have weathered the storm of Russia’s initial onslaught and retaliated with a force and determination largely thought to have been beyond...