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Russia’s Nuclear Energy Giant Expects 2022 Exports To Rise By 15%

Russia’s state nuclear energy company Rosatom expects its exports to have increased by 15% this year, chief executive Alexey Likhachev was quoted as saying by Russian newspaper Izvestia on Monday.

Rosatom’s portfolio of foreign orders is set to remain stable at $200 billion, “even in the current geopolitical situation,” Likhachev said.

Supply of Rosatom products and services abroad is expected to top $10 billion this year, the top executive of Russia’s state nuclear energy corporation said.   

The rise in exports this year is due to contracts Rosatom was already implementing, as well as its supplying of fuel, conversion services, and enriched uranium products, according to Likhachev.

Rosatom has avoided sanctions since Russia’s invasion of Ukraine because of its importance in the supply chain of the global nuclear power industry.

Yet, many Western governments and customers have been looking to procure alternative nuclear fuel supply, where possible, so as not to rely on a Russian state corporation for part of their energy needs.

Earlier this year, Finland’s Fennovoima terminated an agreement with Rosatom subsidiary TVEL for the delivery of nuclear fuel and terminated the EPC contract of plant delivery with the RAOS Project due to the RAOS Project’s significant delays and inability to deliver the project.

“Additionally, Fennovoima has initiated several arbitrations and other proceedings against various Rosatom entities to claim compensation for damages arising out of the delays and inability to deliver the project and related issues,” Fennovoima said in August.  

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In the United States, Bill Gates’ TerraPower, which is developing advanced smaller nuclear reactors, is said to have delayed the project in Wyoming by at least two years, due to reliance on Russian fuel. Earlier this year, TerraPower and other industry players recognized the urgent need to eliminate reliance on the Russian state corporation for nuclear fuel for America’s next-generation nuclear reactors.   

By Tsvetana Paraskova for Oilprice.com

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