Home News Finland’s Rosatom Division Demands Compensation from Fennovoima for “Illegal Termination” of Nuclear...

Finland’s Rosatom Division Demands Compensation from Fennovoima for “Illegal Termination” of Nuclear Power Plant Delivery Contract

43
0

Earlier this week, Fennovoima announced that it had given up its contract due to “significant delays and inability to deliver the project” by Rosatom’s Finnish subsidiary, RAOS Project.

The war in Ukraine has exacerbated the risks to the project.

Fennovoima’s decision to terminate the Hanhikivi-1 NPP project is “anti-market and politically motivated,” the RAOS Project said in a statement, adding that it was extremely disappointed with the decision.

The company said it was exploring options for forging the reactor pressure vessel for Hanhikivi 1 elsewhere than the Kramatorsk plant in Ukraine.

The nuclear power plant was commanded by Fennovoima, a consortium in which Finnish stakeholders, including Outokumpu, Fortum and SSAB, own two-thirds. The Rosatom branch, RAOS Voima, owns the rest.

Read:   Wheat prices fall as Russia talks with Ukraine over grain grain corridor in Ukraine

The cost of the plant was initially set at 7.5 billion euros. Fennovoima’s chairman, Esa Harmala, said the consortium had already spent 600-700 million euros on the project.

If you like this article, we look forward to joining the community of readers on our Facebook page, with a Like below:

Previous articleXiaomi accuses top executives of facing threats of physical violence in Indian financial crime investigation
Next articleElon Musk and Twitter sued by Florida pension fund to prevent billionaire takeover