Kazatomprom hopes to strike UEP deal by year-end
ASTANA. April 4 (Interfax) - Kazatomprom's acquisition of a stake in Urals Electrochemical Plant (UEP), Russia's largest uranium enrichment plant and part of Rosatom, will be concluded this year, the deputy CEO of Kazakhstan's National Atomic Company Sergei Yashin said at a news conference on Wednesday in Astana.
"With regards to Kazatomprom's joining uranium enrichment projects, Russia and Kazakhstan have reached a complete consensus. We are currently calculating all basic financial and economic estimates for the project. The plan of actions that we have recently approved provides that during 2012 the transaction will be completed. We see no particular reason for it not to go through," he said.
"We are optimistic about the project. The size of the stake is at the final stage of discussion, and you'll learn about it as soon as we close the deal," he said.
As reported, Kazatomprom said it could pay about $500 million for a stake in the Ural Electrochemical Plant. The stake size was discussed within the range from 30% to 49%.
Earlier, Rosatom approved a plan for Kazatomprom to join OJSC Ural Electrochemical Plant by the end of 2012.
There were originally plans to finalize a deal on selling a stake in UEP by the end of 2011. At the time, it was reported that Kazakhstan could buy about a 30% stake.
Kazatomprom is the national operator of the Republic of Kazakhstan for export of uranium and its compounds, rare metals, nuclear fuel for nuclear power plants, special equipment, technologies and dual-use materials. The main activities of the company are: geological exploration, uranium production, manufacture of nuclear fuel cycle products, reactor construction, nuclear power plants, non-ferrous metallurgy and production of construction materials, electric energy sector, science, social welfare and staff training.