Prime Minister's Office to oversee Paks upgrade

Deals

As expected, the Prime Minister's Office will exercise the state's ownership rights and obligations over the project company established to undertake the upgrade of Hungary's sole nuclear power plant located in Paks from November 15, 2014, until December 31, 2026, under a decree from the national development minister, official gazette Magyar Közlöny reported on Friday.

The project company responsible for the upgrade is called MVM Paks II Atomerőmű Fejlesztő and was established on August 10, 2012. It has registered capital of HUF 9 bln. The company was put under direct state ownership, as was decided on October 15 at a general meeting of the state-owned Hungarian Electricity Works (MVM), and it became directly state-owned on November 11. State assets manager Hungarian National Asset Management Company (MNV) made the purchase for more than HUF 10 bln.

In line with the agreement of the Hungarian and Russian governments made in January 2014, the Russian state-owned nuclear energy company Rosatom is responsible for building two new reactors at the nuclear power plant located in Paks. The state of Russia has promised to provide Hungary with a maximum of €10 bln in loans for the construction of the reactors.

The Prime Minsiter’s Office is currently headed by Minister János Lázár. The Paks Nuclear Power Plant is part of the MVM group.

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