EVENT

European companies to pay for increased safety of Ukrainian nuclear power plants?

The Kyiv-based state-run company NAEK Enerhoatom hopes that the European Bank for Reconstruction and Development (EBRD) and the European Atomic Energy Community (Euroatom) will allocate up to one billion euros to implement a program increasing the safety of Ukrainian nuclear power plants. According to the company’s press service, the consolidated program will cost an estimated 1.45 billion euros. External funding is necessary as the company’s energy supply tariff does not provide enough money to carry out this program. The NAEK reports that the program has already undergone mandatory expert examination in nuclear and radiation safety by Ukraine’s State Committee for Nuclear Regulation and the international expert organization Riskaudit. The consolidated program comprises all of Enerhoatom’s safety-improvement programs, and includes the recommendations of an IAEA expert. The implementation of this program will allow Ukraine to bring the safety of its power units into line with national and international standards and fully meet its international commitments on increasing the safety of the nuclear power plants now in operation. Besides, according to Enerhoatom, modernization and increased safety will extend the service life of nuclear power plant units.

Ukrainian ship building industry eyes Greece

The Black Sea Ship Repair Plant (ChSZ) and Greek Avin International S.A. signed a protocol on the intention of resuming cooperation in the construction of tankers and a series of bulkers. A press release of the Ukrainian company says that the agreement to resume cooperation was reached by the partners during a recent working visit of Ukrainian ship builders to Greece. Moreover, prospects for the development of bilateral cooperation in the ship building sector were discussed during negotiations with George Hasapodimis, head of the Greek-Ukrai­nian Chamber of Commerce, and members of the Greek Sea Club, reports the press service. “Resuming cooperation with the Greek side is one of the prospective directions for the plant’s development. In terms of prices and production facilities the ChSZ can compete with Turkish, Romanian, and Bulgarian wharfs, and we intend to use all available facilities and fully load building slips to expand both on domestic and international markets,” the ChSZ’s press service quotes its ­Director General Valerii Kalashnykov.

Bridge over Southern Bug River to use Japanese loan

The State Road Administration of Ukraine (Ukravtodor) expects to build a bridge across the Southern Bug in Mykolaiv on the road M-14 Odesa-Simferopol-Novoazovsk. As the Mykolaiv Regional State Administration’s press service reported, the ­pro­ject will be executed using funds received within the framework of Japan’s Official Development Assistance. According to the report, the estimated cost of constructing the bridge stands at 540 million dollars. The mo­ney will be lent by the Japanese side for up to 25 years, with a grace period of five to seven years and an interest rate of 1.4 percent per annum. The feasibility study for the bridge construction project will be carried out from October 2010 through July 2011. If the study’s outcome is positive, construction may commence in the first half of 2012. Ukravtodor will be the project’s customer.

Swedes buy washing machine plant in western Ukraine

The Swedish company Electrolux signed an agreement to purchase a washing machine plant in Ivano-Frankivsk, which was previously bought from Nord (Donetsk) by Italian Company Antonio Merloni S.p.A. The transaction was worth 19 million ­euros. “Closing of the deal is expected to take place in the first quarter of 2011 and is subject to approval by competition authorities,” says an Electrolux press release. It adds that the purchase will permit Electrolux to expand its presence in the developing Eastern European markets. Anders Edholm, head of the Electrolux press service, specified that the company did not previously have its own production facilities in Ukraine. On the issue of investments in the newly acquired plant, he said that the purchase itself is the main investment Electrolux has made in Ukraine up to now. “The amount and need of further investments will be determined based on the development of the Ukrainian market and other target markets in the CIS countries, as well as those of Central and Eastern Europe to which products manufactured in Ivano-Frankivsk will be delivered,” said Edholm. He added that the Ivano-Frankivsk plant will produce washing machines under the brands of Electrolux and Zanussi.

Rescued bank plans 40% credit portfolio boost

Government-controlled Kyiv-based Ukrhazbank intends to expand its credit portfolio by 40 percent in 2010, focusing on corporate loans, says board member Anatolii Brezvin. He adds that the final decision on the bank’s policy guidelines will be determined at the Supervisory Board’s next meeting, and that financing government-run businesses is on Ukrhazbank’s list of priorities. According to him the bank will finance companies in the power engineering, steel, food, and other sectors showing dynamic progress.