Nuclear plant expansion in Hungary cleared for fast-tracked growth
The project for the expansion of the nuclear power plant in Paks by Rosatom has been fully exempted from sanctions, which means that the investment can be accelerated – announced Hungarian Foreign Minister Peter Szijjarto. It will be the first nuclear facility that Rosatom will build in the European Union.
The expansion of the nuclear power plant in Paks by Rosatom is exempt from sanctions. It will be the first nuclear facility that Rosatom will build in the European Union.
The construction of new blocks of the nuclear power plant in Paks and all its processes, phases, and elements are completely exempt from sanctions – announced Foreign Minister Szijjarto, who is currently in Luxembourg.
Ultimatum?
Earlier, the Hungarian-language portal of Radio Free Europe reported that Hungarian Prime Minister Viktor Orban's government agreed to the 14th package of sanctions against Russia in exchange for not taking steps that would threaten the expansion of Hungary's only nuclear power plant.
According to Szijjarto, European companies intending to participate in the project will not need to ask their country's authorities for permission.
The expansion of new blocks in Paks involves, among others, French Framatome and German Siemens. However, the government in Berlin has long blocked the involvement of the company that was supposed to provide control systems for the new blocks, which has repeatedly been criticized by Budapest.
Previously, Russia also committed to ensuring stable supplies of nuclear fuel to Hungary.
Sanctions to hit Moscow
After more than a month of negotiations, EU countries agreed on Thursday on the 14th package of sanctions against Russia. The new restrictions are intended to hinder the Kremlin's access to technology and limit its revenue from energy resource exports.
The Russian state-owned company Rosatom is building two new nuclear power plant blocks of 1,200 megawatts each in Paks, central Hungary. The project, Paks II, is one of the Orban government's vital energy projects. The total value of the investment is expected to be about 18 billion CAD, with 80% of the costs covered by a Russian loan.
According to Hungarian authorities, the new blocks are expected to be connected to the grid at the beginning of the next decade, although experts speak of significant project delays.
Budapest regularly reiterates that it will block any package of sanctions that includes cooperation in nuclear energy. At the end of May, Hungary also signed a cooperation agreement with Belarus in this field.
