Russia has allocated RUB80.6 billion ($2.4 billion) as 'in-kind' contributions to the growth of its nuclear industry with a large portion of this assigned to foreign projects, including the Akkuyu plant in Turkey.
Rosatom is the state corporation that includes every significant commercial enterprise in the country's nuclear power industry. It actually drafted the directive which was yesterday approved by prime minister Dmitry Medvedev.
It said some RUB80.6 billion would go to Rosatom "as an in-kind contribution of the Russian Federation for the development of the nuclear industry, including a RUB22.45 billion ($680 million) subsidy for constructing nuclear power plants abroad."Balancing this state payment, Rosatom's profits flow back to the state from the power generation at 33 nuclear reactors as well as the sales of reactors, fuel and services to other countries. The country has an overall policy of maximising low-carbon power from domestic hydro and nuclear in order to decarbonise electricity supplies and free natural gas for export.
The Russian government noted: "The main objectives of Rosatom are to facilitate the accelerated development of the nuclear power industry for ensuring Russia's energy security by launching new standard serial nuclear power generating units, promoting products and services of Russian nuclear fuel cycle organisations on international markets, and engaging in the construction and operation of nuclear power plants outside of Russia."
An important project for Rosatom is the construction of four units at the Akkuyu site in Turkey. Rosatom will build, own and operate the plant as part of a long-term power purchase agreement with the Turkish state grid operator. Similar projects are in development with Bangladesh and Vietnam, while Russia is building reactors on more routine commercial terms in Belarus, China and India. Today's decree included RUB22.45 billion ($680 million) for such overseas efforts, with Akkuyu the only named project. Funds will be transferred to the Akkuyu project company, which will use them to purchase shares in Rosatom subsidiaries AtomStroyExport and Rusatom Overseas.
Separately another decree will see the Russian state buy a stake in Technopark-Technology. Rosatom is the sole shareholder of the firm, which is one of 30 innovative companies to have developed at Rosatom's Technopark 'Sistema-Sarov'.