Screenshot from TSN
Ukrainian Energy and Coal Industry Minister Volodymyr Demchyshyn has announced that Ukraine will abandon a joint project with Russia for building a nuclear fuel fabrication facility in Kirovohrad region, Ukraine.
"The project has been frozen. We'll probably drop it. They [the Russian side] have failed to meet their obligations," the minister said.
As UNIAN reported earlier, state-run concern Nuclear Fuel and Russian-based TVEL company in December 2011 registered a joint venture – a nuclear fuel fabrication plant. The plant's equity capital was split in the following way: 50% plus one share belonged to SRC Nuclear Fuel, and 50% minus one share belonged to TVEL. The shareholders in the joint venture planned to inject $84 million in the plant's charter capital by the end of 2013 due to an additional issue of shares, as a result of which the charter capital would increase to about $104 million. The funds were needed to build a production facility in Kirovohrad region.
The total cost of the plant was estimated at UAH 1.679 billion. Its first phase was expected to be commissioned in 2015. The project faced criticism from experts and stalled.