Russian company Inter RAO wants to become a shareholder in Bulgaria's future nuclear power plant at Belene, the executive director of state-owned power grid operator NEK, Mardik Papazyan, said.

The state-controlled Russian firm is in talks with Germany’s RWE, picked to buy 49 per cent in the power station. The other 51 per cent stake belongs to NEK.

RWE is also holding negotiations with an unnamed Finnish firm, which industry sources believe to be utility Fortum, and two Swedish companies.

The German company declined to comment on the negotiations with the future partner, which will get a 24.5 per cent stake in the project company that would build the station, as well as providing financing.

If the talks with Inter RAO yield results, Russian firms would be involved in four key areas of the Belene project - technology and contractor (Atomstroyexport), shareholder and possibly funding.

Bulgaria's Cabinet has already sought a 3.8 billion euro export loan from the Russian government for the project, having failed to secure private financing.

Moscow is yet to grant request and the funding terms remain unknown. Bulgarian Energy Holding executive director Galina Tosheva said the loan’s details should be agreed by the end of the year. Analysts have said that a possible delay because of the global economic downturn might clear the way for cheaper loans within a year. Energy Minister Petar Dimitrov, on the other hand, has said that any postponement would only push the price higher.

Although in the grip of recession, Kremlin considers its participation in the project of strategic importance as it is an option to strengthen the position of Russian VVER 1000 nuclear reactors in the European Union.

Source: Dnevnik