China Eximbank pledges USD 150 million loan to Rosenergoatom for the Severodvinsk floating nuclear power station

In July 2003, China Eximbank promised to issue a credit to Rosenergoatom, a Russian nuclear power station operation company, for the construction of a floating nuclear power station in Severodvinsk, Russia. China plans to give a USD 150 million loan with a 5-6% interest rate for 15 years. Many proposals provided by the contractor and the Russian government propose that China will finance 80-100% of the work. The joint project involved the construction and operation of thermal nuclear power stations with a small rating on the basis of a floating power unit equipped with KLT-40S reactors, and was supposed to be carried out at the Sevmash plant in Severodvinsk, Arkhangelsk Region. A Russian company, Malaya Energetika, will be the main contractor. A contract worth USD 86.5 million was signed with China for construction. The company experts have assessed that one power unit will cost about USD 145 million. The construction will last for nearly five years, becoming operational in 2008. There is no further information about China's commitment to the project. As of 2005, the Severodvinsk floating nuclear power station was planned to be built, but China's financing is not mentioned and their involvement is solely as an implementing agency.

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