15 Jul 2009 14:16

Russian govt approves amendments to uranium pricing agreement for 2010-2013

MOSCOW. July 15 (Interfax) - The Russian government has approved amendments to the contract between Russian state nuclear exporter Techsnabexport (Tenex) and the United States Enrichment Corporation (USEC) with respect to a new pricing formula for Russian uranium shipped to the United States under the HEU-LEU agreement in 2010-2013.

Russian Prime Minister Vladimir Putin signed the instruction on July 11.

The amendments to the contract enforce agreements reached between Russia and the U.S. to determine the value of separative work units (SWU), in which the cost of the enrichment services is denominated, in 2010-2013, that is, until the expiration date of the HEU-LEU agreement.

The change has already been approved by the U.S. government. Russia's approval means the agreement enters force, Tenex's parent company Atomenergoprom said in a statement.

The amendments will provide for the smooth functioning of the agreement until it expires.

Last September Tenex secured an agreement to adjust prices for uranium under a long-term contract to sell some of the natural uranium to third parties via authorized companies such as Cameco, Areva and Nukem. The new formula for calculating the price of natural uranium will be valid for 2011-2013. The governments of the two countries have already approved these amendments.