Russia, Turkey sign $20 billion nuclear power plant deal

Russia signed an agreement on building a power plant with four nuclear reactors on Turkey’s southern coast at a cost of about $20 billion after more than a year of negotiations.

State-controlled Russian builder Atomstroiexport will lead construction of the plant on Turkey’s southern coast, Russian nuclear agency chief Sergei Kiriyenko said.

“It’s an extremely important contract for us,” the Rosatom chief told reporters of the deal, signed during Russian President Dmitry Medvedev’s visit to Turkey.

Russia has built nuclear power plants in nations from Iran to China and is aggressively seeking deals to build new stations.

Kiriyenko said that for the first time, Russia would not just build the plant but would have a controlling stake in a company to be created to own it.

“It is much more interesting for us to be a co-investor in such projects,” he said, adding that a long-term contract would be reached to supply power to a Turkish utility.