Consortium to build $ 22 bn nuclear plant

Updated 03 May 2013
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Consortium to build $ 22 bn nuclear plant

ANKARA: Turkey’s energy minister has confirmed that the government has picked a Japanese-French consortium to build the country’s second nuclear power plant, a project expected to cost an estimated $ 22 billion.
The deal is expected to be signed by Turkey’s Prime Minister Tayyip Erdogan and his Japanese counterpart Shinzo Abe, who will be visiting Ankara, Energy Minister Taner Yildiz said.
The consortium consists of Japan’s Mitsubishi Heavy Industries Ltd, one of the builders of the Fukushima plants, Itochu Corporation and French utility group GDF Suez, which will operate the 4,500-5,000 MW plant.
The group has pledged to install an Atmea type nuclear plant, built by French nuclear engineering group Areva.
Yildiz said Turkey will also be a shareholder.
“Turkey will have a stake in the nuclear power plant that will be constructed in Sinop,” he said.
The consortium will also carry out work to help determine a site for Turkey’s third planned nuclear power plant, Yildiz added.
Turkey’s scarce energy resources mean it imports almost 97 percent of its energy needs.
Prime Minister Erdogan has been an advocate of the country’s ambitious nuclear program, which aims to help reduce its dependence on hydrocarbon fuels by providing 10 percent of the country’s total electricity needs by 2030.
Russia’s Rosatom is to build Turkey’s first nuclear power station, with its construction due to start in mid-2015 and first power due to flow in 2019, its deputy general manager said in February.
That $ 20 billion plant at Mersin Akkuyu on the Mediterranean coast will also have four power units with an installed generating capacity of 4.8 gigawatts (GW).


Trump says will not accept high oil prices, crude dips

Updated 33 min 44 sec ago
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Trump says will not accept high oil prices, crude dips

WASHINGTON: US President Donald Trump on Friday criticized OPEC for output reductions that have helped raise oil prices and said the action would not be tolerated, as oil prices appeared set for a second consecutive week of gains.


“Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea.

Oil prices are artificially Very High! No good and will not be accepted!” Trump said on Twitter.

White House officials could not be immediately reached to comment on any action the Trump administration planned to take regarding oil or OPEC, the Organization of the Petroleum Exporting Countries.

After the president’s tweet, Brent and WTI crude prices turned negative. OPEC member countries are slated to meet in June in Vienna to decide their next steps after reducing output since January 2017 in a move aimed at supporting prices.

Top oil exporter Saudi Arabia would be happy to see crude rise to $80 or even $100 a barrel, three industry sources have told Reuters, a sign Riyadh will seek no changes to an OPEC supply-cutting deal even though the agreement’s original target is within sight.