Russia Snubs Bulgaria's Ultimatum on Striking N-Plant Claim

Business » ENERGY | August 1, 2011, Monday // 14:26| Views: | Comments: 0
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Russia Snubs Bulgaria's Ultimatum on Striking N-Plant Claim: Russia Snubs Bulgaria's Ultimatum on Striking N-Plant Claim Russia's state nuclear company Atomstroyexport took Bulgaria to arbitration over delayed payment for nuclear reactors for the Belene Nuclear Power Plant project. File photo

Russia's state nuclear company Atomstroyexport has no intentions of withdrawing its claim against Bulgaria's National Electric Company, NEK, over the Belene Nuclear Power Plant Project.

The news was reported Monday by the Russian news agency Rossbalt, citing Russian energy sector officials.

Two weeks ago, Atomstroyexport took Bulgaria's NEK to an arbitration court for EUR 58 M over delayed payments for its work on two nuclear reactors.

The next day the Bulgarian company said it is ready to strike back with a EUR 61 M counter claim against Atomstroyexport over delayed payments for purchases of old equipment for the plant, worth about EUR 300 M.

In radio and TV interviews Sunday and Monday, Bulgaria's Economy and Energy Minister, Traicho Traikov explained that the Bulgarian side has offered Moscow a few options on how to settle the scores without resorting to the arbitration court.

"One of the proposals they received suggests that instead of being involved in court battles, the two companies settle the claims by offsetting," said Traikov,

The Minister further informed he had given the Russian side an ultimatum to withdraw the claim by Monday, August 1, otherwise the Bulgarian company will lodge a counter-claim should Russia persevere.

"Atomstroyexport" say they were baffled by Traikov's ultimatum.

"The Bulgarian side is fully aware this claim is far away from being the last one," Rossbalt's source has commented.

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