Russia sends billions of dollars to build a nuclear power plant in Turkey

A Russian state-owned company is transferring billions of dollars to its subsidiary, which is building nuclear power station Akkuyu in Turkey.

According to a Bloomberg report citing Turkish officials, the Russian company Rosatom last week sent about $5 billion to Turkish construction company Akkuyu Nuclear.

According to the same sources, two more money transfers of the same amount are expected in the coming weeks, bringing the total amount of funds that will go to Turkeywill be 15 billion dollars.

The funding will cover the project’s procurement needs over the next two years, Turkish officials said on condition of anonymity. Bloomberg reports that the cost of building the plant is about $20 billion.

Rosatom, for its part, said that the amount of funding is significantly lower than the amount provided by Turkey, without giving details.

Station at Akugiu

Akyuyu Power Plant is considered critical for Turkey to meet their ever-increasing energy needs. Because it is expected to provide 10% of the country’s domestic electricity demand when all four reactors are in operation.

The project received funding from the Russian Sberbank and Sovcombank, which fell under the sanctions EU. However, no sanctions were imposed against Rosatom and its subsidiary.

Investment terms

In March, Rosatom assured that, although it has the right to sell up to 49% of Akogio to an investor, it has all the necessary resources for the successful implementation of the project, even if it finances the construction itself.

Work on the first reactor, known as Akougiou 1, began in 2018, with work on the second starting two years later. According to the schedule, the project should be completed in 2026.

One of the officials called the transfer of funds a gesture of goodwill from Russian President Vladimir Putin, in connection with the role of his Turkish counterpart Recep Tayyip Erdogan in a deal to export grain from Ukraine. It is expected that the talks between the presidents of Russia and Turkey will be held in Sochi on August 5.

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