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Turkish consortium pulls out of Akkuyu nuclear project

Three Turkish companies who have partnered with Russia’s Rosatom for the construction of Turkey’s first nuclear power plant, Akkuyu Nuclear Power Plant (NPP), have pulled out of the project, company officials told Anadolu Agency on Feb. 6.

Rosatom holds the majority share of the plant with 51 percent, while the remaining 49 percent stake was to be divided among the Turkish consortium of contracting conglomerates, which includes Cengiz-Kolin-Kalyon (CKK).

However, the CKK consortium pulled out of the project citing the inability to agree on commercial terms in the project, the company officials said.

The Turkish consortium signed a draft agreement with Rosatom for the transfer of 49 percent of shares in the project last June. Since then however, the sides have failed to reach a final agreement.

Rosatom plans to construct Turkey’s first nuclear power plant, Akkuyu, in the country’s southern province of Mersin on the Mediterranean coast.

The plant will have a capacity of 4,800 megawatts in four units and a working life of 8,000 hours per year.

In the first phase of construction, two units with a capacity of 2,400 megawatts are planned.

Source: Daily News