Rosatom Agrees To Sell Stake In Akkuyu NPP

With construction of Turkey's four-reactor Akkuyu nuclear power plant yet to begin, Russian nuclear giant Rosatom on Monday agreed to sell a 49 percent of the project to three Turkish companies.

RosatomRosatom and the Turkish investors signed a tentative agreement on the deal for which no sum of money has yet to be disclosed to the public, the Daily News reported. Costs of construction have been estimated at $20 billion. The cost of the deal signed Monday is expected to be made public soon.

The parties signed the deal in Moscow during a Rosatom-hosted nuclear conference.

The Turkish companies that agreed to the deal are Cengiz, Kolin and Kalyon. They have already earned a media-based nickname: CKK.

The three companies have many ties to construction and energy projects.

Mehmet Cengiz, the chairman of Cengiz Construction, noted Turkey's reliance on Russian expertise in nuclear power. “Turkey needs to learn nuclear energy and Russia is a key partner in this area,” Cengiz said. The chairman also said that “construction works will start this year.”

The deal was announced on the heels of the preliminary permit issued for construction start last week by Turkey's Energy Market Regulation Authority. The construction and operations license went into effect on June 15. It is good for 49-years.

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