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).


Air Berlin’s administrator sues Etihad for up to €2 billion

Updated 14 December 2018
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Air Berlin’s administrator sues Etihad for up to €2 billion

  • Carrier has until end of January to respond to claims
  • Etihad owned a 29 percent stake in Air Berlin

LONDON: The administrator of German airline Air Berlin is suing Abu Dhabi-based Etihad for up to €2 billion in damages, a Berlin court heard on Friday.
The administrator alleges that the Abu Dhabi airline did not meet its financial obligations to Air Berlin, in which it was the majority shareholder.
“The claims are for payment of $500 million and the establishment that the defendant is obliged to pay further damages. The Chamber has provisionally set the amount in dispute at up to €2 billion,” the court said in a statement, Reuters reported.
"We confirm that we have received a claim filed at the Berlin Regional Court by the insolvency administrator of Air Berlin," Etihad said in a statement to Arab News. "We believe that the claim is without merit and will defend ourselves vigorously against it."
The carrier has until the end of January to respond to the claims, according to the court.
Etihad owned a 29 percent stake in Air Berlin as part of its so-called “equity alliance” strategy.
Etihad told Air Berlin in April 2017 that it would provide funding to the German budget carrier for the next 18 months.
However the Abu Dhabi-based airline later said it would no longer provide funding as Air Berlin’s business had deteriorated at an unprecedented pace.
The administrator claims this sealed the fate of the German airline as its fundling lifeline was cut.
Unlike regional rivals Emirates and Qatar Airways, Etihad grew its business through a strategy of taking stakes in often struggling regional carriers, some of which were also heavily unionized. The carrier described such deals as “equity alliances” and they came to define the tenure of former chief executive James Hogan.
However the strategy ran into serious problems after it was forced to absorb massive losses from its investment in Air Berlin, Alitalia and other carriers.
But the airline is now reviewing that strategy after being forced to absorb huge losses from its investments in carriers such as Alitalia and Airberlin.
Like its regional rivals, the Abu Dhabi carrier has cut jobs over the last two years.