Hitachi CEO: Still in talks on Lithuania nuclear project



REUTERS

Published — Wednesday 26 December 2012

Last update 26 December 2012 7:36 pm

| نسخة PDF Print News | A A

TOKYO: Japan’s Hitachi Ltd. remains in talks with Lithuania over its plans to build a nuclear plant after the European country’s new center-left government said it could shelve nuclear projects, the company’s top executive said.
Hitachi, a century-old conglomerate that designs and builds nuclear power plants with General Electric Co. in two joint ventures, has shifted its focus overseas as Japan shuns nuclear energy in the wake of the worst radiation crisis in 25 years at the Fukushima Daiichi nuclear plant last year.
Hitachi’s nuclear joint venture had been lined up to supply a nuclear energy plant to Lithuania under the country’s previous government, which lost power in October.
“There might be a slight lag in the time period, but the talks have not been completely suspended,” Hiroaki Nakanishi, Chief Executive of Hitachi, said at a press briefing.
Nakanishi said he did not think the worldwide market for nuclear energy would shrink, but said it was impossible to form a sales outlook for Hitachi’s nuclear business before Japan’s own energy policy has been concluded.
The company has previously said it aimed to reach 360 billion yen ($ 4.25 billion) in sales in the nuclear business by fiscal year 2020. Hitachi’s power systems division, which includes its thermal and nuclear power business, logged 832.4 billion yen in sales the year ended March.
The December election victory of Japan’s Liberal Democratic Party, headed by incoming prime minister Shinzo Abe, has fueled speculation that the new government would take a friendlier stance toward nuclear power.
Nakanishi is credited with a sweeping cost-cutting initiative at Hitachi. The firm is consolidating its 900-plus subsidiaries as it tries to take on global rivals like GE and Siemens AG.
The company most recently merged its thermal power division with that of Mitsubishi Heavy Industries Ltd. and executives from both firms have said they are open to working together on nuclear power.
Hitachi and Mitsubishi Heavy compete against Toshiba Corp. in thermal power projects in Japan. The three companies are also rivals in nuclear power projects overseas. Most recently, Hitachi beat Toshiba and its subsidiary Westinghouse to a $ 1.1 billion deal in October to build six nuclear plants in Britain.
In a further sign of consolidation, company subsidiaries Hitachi Metals Ltd. and Hitachi Cable Ltd. have said they will merge their businesses next April. Nakanishi said on Tuesday Hitachi Transport System Ltd. and Hitachi Capital Corp. should remain listed separately.
Shares in Hitachi ended up 0.4 percent at 484 yen on Tuesday, against a 1.4 percent rise on Tokyo’s benchmark Nikkei average.

What's happening around Saudi Arabia

RIYADH: The Ministry of Education (MoE) has allocated over 180 clinics for schools in Riyadh and directed all its departments across the Kingdom to recruit health advisers at schools with more than 100 students.Work has already started on introducing...
RIYADH: The Moroccan experience in desert tourism is largely similar to that of Saudi Arabia, which boasts of a unique diversity in culture in its different regions, Prince Sultan bin Salman, president of the Saudi Commission for Tourism and National...
JAZAN: Deputy Crown Prince Mohammed bin Salman visited the advanced field hospital of the Armed Forces in Jazan on Tuesday.He was reassured about the injured in the ongoing battle. He conveyed the greetings of Custodian of the Two Holy Mosques King S...
JEDDAH: The planned “North Thunder” military exercise is a clear message to Iran and the countries in the region it supports that any hostile intentions and actions will be firmly dealt with, an expert has said.The military drill is scheduled to be h...
RIYADH: Syrian conjoined twins will be separated at the King Abdullah Specialist Children’s Hospital at the King Abdul Aziz Medical City (KAMC) in Riyadh on Sunday.According to a KAMC spokesman, the forthcoming surgery will be the fourth and final st...
JEDDAH: Education Minister Ahmed Al-Issa has issued an order to establish a department for school security. It will be be linked organizationally to the general supervisor of school safety and security at the ministry.According to the decision, schoo...
JEDDAH: From delivering mails for Saudi Aramco to captaining Saudi Arabian Airlines’ first flight to New York, Jazza Al-Shammari’s career story is unique.“I started my career as a postman with Saudi Aramco in 1959 and continued the primary studies at...
RIYADH: A team of the King Faisal Specialist Hospital & Research Center (KFSHRC) has identified a gene responsible for cardiomyopathy.Dr. Zuhair bin Nasser Al-Hasnan, KFSHRC medical genetics consultant, said the team conducted a study on a Saudi...
JEDDAH: The Pakistan Welfare Society (PWS) organized a free medical camp and discussion on health for women at the Pakistani Consulate recently.Doctors and specialists diagnosed patients and distributed free medicines to needy patients, and arranged...
JEDDAH: Yemen Vice President and Prime Minister Khaled Bahah has thanked Saudi Arabia for standing by his country during tough times.Speaking at the World Government Summit in Dubai on Tuesday, he said: “Our GCC brothers, particularly Saudi Arabia, s...
RIYADH: Saudi Arabia joined the rest of the world in intensifying public awareness on cancer with activities spread over the week supporting the global cause that aims to save millions of lives every year by raising awareness and education about the...
RIYADH: Chairman of ACWA Power International Mohammed Abu Nayyan thanked King Mohammed VI of Morocco for personally inaugurating Morocco’s first solar power plant, Noor1, built by an international consortium led by his company.“We were extremely priv...
RIYADH: The Ministry of Health is considering imposing an asset declaration as well as an absence of interest conflict testimony on its employees as a measure in fighting corruption.Health Minister Khalid Al-Falih made the announcement at a one-day f...
DAMMAM: Abdussalam Kanniyan, chairman of the International Indian School in Dammam (IISD), has been honored with the “Person of the Year 2015” award by Vatakara NRI Forum, a community group in the Eastern Province.The award was based on his outstandi...
RIYADH: Andrej Plenkovic, the leader of the European Parliament Foreign Affairs Committee delegation, on Tuesday hailed Saudi Arabia for its yeoman services in looking after the displaced Syrians in countries such as Lebanon, Jordan and Turkey.“We fu...

Stay Connected

Facebook