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From Bulgaria
11.08.2014 12:03
© Kozloduy NPP
The management of Bulgaria’s Kozloduy nuclear power station published Saturday the shareholders’ agreement with U.S. Westinghouse Electric Company LLC. Public interest towards the country’s agreements for big energy projects surged after it emerged ministers in resignation signed construction permits and state forest sales for South Stream gas pipeline.
The 104-pages long shareholders’ agreement was published on Kozloduy NPP’s website in English and Bulgarian. It is concluded between Kozloduy NPP EAD, its subsidiary Kozloduy NPP – New Builds plc. and Westinghouse Electric Company LLC. According to the paper Westinghouse has agreed to acquire 30 percent in the project while the remaining 70 percent are to the state-owned Kozloduy NPP EAD. More details of the shareholder agreement however remain concealed as Westinghouse said some of the information would give rival-companies competitive advantage on the international markets. Other parts of the agreement’s text are hidden such as the part relating to share transfer to third parties.
We concluded several days of talks with our partners from Westinghoouse during which we insisted that the full shareholder’s agreement text be published. Nevertheless the management of the U.S. company concluded that it is necessary to protect certain parts of the agreement detaining important information which could damage Westinghouse’s competitiveness, the management of Bulgaria’s Kozloduy nuclear stations said in an e-mailed statement.
Westinghouse reacted on Monday defending its right to withhold certain information from the agreement.
“Contrary to international commercial and nuclear energy practice, we agreed to present certain specific contractual information in order to demonstrate our willingness for transparency without however compromising or competitive advantage on the international markets”, Westinghouse said.
The company however made clear that no state guarantees would be needed for the project and that no power purchase agreement is in place. Westinghouse will have to propose the conditions and means of financing the project, as well as to guarantee that local contractors are engaged in the construction process.
“The company will present an analysis of the anticipated power demand and a cost prognosis for the electricity to be produced from the new unit at Kozloduy NPP”, Westibghouse said in an e-mailed statement.
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