Brazil seeks Chi­nese aid for nu­clear power plant

Global Times - - Biz Update -

Brazil will seek China’s ex­per­tise and fi­nanc­ing to com­plete its third nu­clear power plant when President Michel Te­mer makes a state visit to Bei­jing on Fri­day, Brazil­ian gov­ern­ment of­fi­cials said on Tues­day ( Brazil­ian time).

The Brazil­ian nu­clear en­ergy com­pany Eletronu­clear will sign a co­op­er­a­tion agree­ment with China Na­tional Nu­clear Cor­po­ra­tion ( CNNC), sig­nal­ing their in­tent to es­tab­lish a part­ner­ship to fin­ish the An­gra 3 plant, the of­fi­cials said.

Con­struc­tion of the 1,405 megawatt re­ac­tor on the coast south of Rio de Janeiro has dragged on for three decades and its com­ple­tion is now sched­uled for 2023, but an es­ti­mated 16 bil­lion reais ($ 5 bil­lion) is needed to fin­ish the job.

Rus­sia is also in­ter­ested in help­ing to com­plete the work on An­gra 3 and Eletronu­clear, a sub­sidiary of state- run elec­tric util­ity Eletro­bras, has held talks with the Rus­sian nu­clear mo­nop­oly Rosatom.

The Chi­nese cor­po­ra­tion is ex­pected to have the ad­van­tage in terms of abun­dant fi­nan­cial re­sources. The head of Eletronu­clear, Bruno Barretto, signed an ini­tial mem­o­ran­dum with CNNC on the An­gra 3 com­ple­tion in Bei­jing in De­cem­ber 2016 when he vis­ited Chi­nese banks that are po­ten­tial fi­nanciers, Eletronu­clear said in a statement.

Te­mer’s gov­ern­ment has an­nounced plans to pri­va­tize Eletro­bras, Latin Amer­ica’s largest util­ity. But Eletronu­clear will be split off and re­main in state hands un­der Brazil’s con­sti­tu­tion.

Te­mer said on Tues­day he ex­pects China to be a ma­jor player in Brazil’s plans to mod­ern­ize its ports, air­ports and other in­fra­struc­ture projects that will be of­fered to in­vestors in pri­vate con­ces­sions. He also hopes China will fi­nance en­ergy projects.

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