Russia will insist that it holds at least a 50% stake in the planned 2,000 megawatt Belene nuclear plant on the Danube River in Bulgaria in exchange for a EUR 1,9 B loan, according to reports.

Rosatom, which controls Atomstroyexport contracted by Sofia to build Belene, claims that this would account for half of the agreement signed in 2008 worth EUR 4 B, Pari daily reported, citing sources close to the company, who spoke on condition of anonymity.

According to the Russian side the shares will make up for the lack of state or corporate guarantees that Bulgaria refused to give, the report says.

It adds that the assessment of the exact percentage of shares will be conducted by a third party.

Russia proposed last month to extend funding to Bulgaria for the construction of the stalled project until Sofia finds a strategic investor, even without corporate or state guarantees.

According to Bulgarian Energy and Economy Minister Traicho Traikov in exchange for the offer the Russian side can hold no more than 15-20% of the plant, while the remainder of the loan will be paid through electricity sales.

The minister confirmed that the government has abandoned plans to cut its shares from 51% to 20-30% and will aim to keep a 50% stake in the multi-billion nuclear project, which has stalled over lack of funding.

During their recent visit to Sofia, Russian Energy Minister Sergei Shmatko and Sergei Kiriyenko, head of the Rosatom state nuclear corporation, announced that Rosatom was ready to extend a loan and become a shareholder in Belene plant.

Meanwhile Bulgaria's new center-right government, which has put the Belene under review due to rising costs, announced a tender for a new consultant after German utility RWE walked out of the project due to funding problems and Sofia decided to redesign it to attract new investors.

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