Hungarian Russian Nuclear Energy Deal With Signed In Moscow

  • 15 Jan 2014 9:00 AM
Hungarian Russian Nuclear Energy Deal With Signed In Moscow
Russia will expand Hungary’s nuclear power plant in Paks in a €10-12 billion project under an agreement approved Tuesday by Prime Minister Viktor Orbán and Russian president Vladimir Putin.

The present 1200MW capacity of Paks will double as the expanded facility will have four blocks instead of the present two.

Russia will extend a €10-12 billion preferential loan to Hungary at below market rates with a 30-year maturity to finance the deal, Prime Minister’s Office leader János Lázár told journalists in Parliament.

Of that, Hungarian companies will receive 40% of the entire sum, roughly €3-4 billion, and at least €1 billion will return to the state budget in the form of taxes and social insurance contributions.

Source: Hungary Around the Clock

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