Bulgaria may sell stake in nuclear plant to Russia

posted: 71 DAYS 15 HOURS AGO

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SOFIA, Bulgaria -Bulgaria's new government is considering selling part of its stake in a euro4 billion ($5.9 billion) nuclear power plant on the Danube River to Russia, Finance Minister Simeon Dyankov said Friday.

Speaking ahead of talks later Friday with visiting Russian Energy Minister Sergei Shmatko, Dyankov said Bulgaria "does not need" the planned Belene plant to cover its energy requirements.

He said calculations indicated the project's cost could soar to euro10 billion, which made its value questionable in view of the global crisis.

"But it could be a viable project if the stake of the Bulgarian state is reduced to around 20-22 percent" from the current 51 percent, Dyankov told state TV.

Germany's RWE AG holds the remaining 49 percent.

Bulgaria's Socialist government contracted Russian firm Atomstroyexport in January 2008 to build the 2,000 megawatt power plant 250 kilometers (155 miles) northeast of Sofia.

But conservative Prime Minister Boiko Borisov, elected in July, has said he is reassessing the project and two more major energy deals with Russia — the South Stream gas pipeline and the Burgas-Alexandroupolis oil pipeline.

Dyankov said one option would be for Russia to buy into Bulgaria's stake in the Belene project, but Bulgaria is looking for other potential investors too.

"It's like selling your car, it is always better to have more than one customer," he said.

2009-09-18 07:38:16