Russia does not give way in the argument with NEK and prepares new claims

The Russian Atomstroyexport company will not withdraw its claim against the National Electricity Company (NEK) for the construction of the Belene Nuclear Power Plant (NPP ), announced yesterday the Russian Rosbalt news agency, citing its own sources.

The company which is project contractor initiated legal proceedings against NEK for the unpaid amount of €58 mln, due for activities carried out. The Russian company is perplexed by the statements of Minister of Economy, Energy and Tourism, Traicho Traikov. Late last week, he said that he had given a deadline to Atomstroyexport to withdraw its claim against NEK until Monday. Otherwise, NEK will place a contrary claim against Russia for €61 mln. The claim of NEK is for not fully paid old equipment that was purchased by Atomstroyexport. The proposal of Minister Traikov was for the payments due to be deducted in order that the problem be resolved. The argument between the two companies will be ruled on by the Paris Court of Arbitration. According to Bogomil Manchev, technical consultant on the project, the legal proceedings will not affect the negotiations on the project.

Besides this argument, the Russian side has prepared other claims against NEK because of delays in the construction of the Belene NPP, stated source from Atomstroyexport, quoted by the Russian Finmarket news portal. In late March, former Executive Director of NEK, Krasimir Parvanov explained that Atomstroyexport had sent a letter to NEK, warning to initiate a case for nearly €1 bn.

Meanwhile, Traikov demanded a new extension of the deadline for addressing the disputed issues about the Belene NPP project. The construction contract is now extended until the end of September. In this period, the financial consultant HSBC is expected to provide its financial estimates as to whether the second NPP will be competitive and whether there will be a market for the electricity generated by the plant.

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