The RF Government endorsed Intergovernmental Russia-Turkey Agreement to build and operate a nuclear power plant at the Akkuyu site. Russian Prime-Minister Vladimir Putin signed on 24 September an ordinance to approve the Agreement and bring it for ratification in the State Duma.
The Intergovernmental Russia-Turkey Agreement to build a nuclear power plant near Mersin (a port on the Mediterranean coast) was signed on 12 May in Ankara during President Dmitry Medvedev visit to Turkey. The project plans construction of four VVER units, 1200 MWe each, to Russian design ‘AES-2006’ with water-cooled water-moderated power reactor (VVER).
Following the Agreement, Rosatom will set up a dedicated company for the project. The founders of the new entity will include “only those organisations that will be authorised by the Russian side”. The company will own the plant and its output. It will be fully supported by the Russian party and will put the first unit in operation within seven years after securing all documents, permits, licences and approvals needed to start the construction. Units 2-4 will be commissioned one year apart following the commercial start-up of the first unit.
The cost of the first Turkish nuclear power plant may run to US$ 20 billion. According to the Agreement, the project will be initially financed from Russian sources. Later on, it is planned to bring in investors in and outside Turkey.