Turkish Consortium Pulls Out of Akkuyu Nuclear Project

Turkish Consortium Pulls Out of Akkuyu Nuclear Project

Wednesday, 7 February, 2018 - 14:15
A picture taken on June 28, 2016 shows the logo of Russian atomic energy agency Rosatom during the World Nuclear Exhibition in Le Bourget, near Paris. / AFP PHOTO / ERIC PIERMONT
Ankara- Said Abdul Razek
Three Turkish firms lined up to buy into the Russia-led construction of Turkey’s first nuclear power plant have backed away from the deal. Russia’s Rosatom, which is leading the project, said in June that it would sell 49 percent of Akkuyu Nukleer AS, which will construct and operate the plant, to a consortium made up of three companies: Kolin Insaat, Kalyon Insaat and Cengiz Holding.

An official in the consortium announced, Tuesday, that the three firms withdrew from the project due to failure to reach some commercial conditions of the project.

The cornerstone of the project was put on Dec. 11. Director General of Rosatom Aleksey Likhachev said that the nuclear energy station Akkuyu is considered a major project in ties between the two countries.

He added that Rosatom will ensure secure operation of the station and will efficiently supply Turkey with electricity, noting that the project will provide job opportunities and be an economic guarantor for the development of Russian-Turkish ties.

In a related matter, Iranian Minister of Petroleum announced that it would stop exporting natural gas to Turkey for free, and that a new phase has started between the two countries in which Turkey has to pay in return for gas.

Managing director of National Iranian Gas Company (NIGC) Hamid Reza Iraqi declared on Tuesday that Iran exported around 8 billion square meters of gas to Turkey for free. This means the end of the settlement phase, and it is time for Turkey to pay due amounts to continue exporting gas.

Editor Picks