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GE, Siemens, Toshiba seek Russian nuclear venture

Russia, the world's second-largest supplier of nuclear fuel, is in talks with General Electric Co., Siemens AG and a unit of Toshiba Corp. on a venture that would build a plant in Russia to produce turbines for atomic reactors.

Russia plans to choose one foreign company to set up the joint venture, Sergei Kiriyenko, head of the country's atomic energy agency Rosatom, said today at a conference in Moscow. GE, Siemens and Toshiba's Westinghouse Electric Co. are being considered, Rosatom spokesman Sergei Novikov said. Russia intends to build 25 new plants by 2020 and sell fuel and atomic know-how abroad. The country wants to work with neighboring states to develop atomic energy as part of a plan to deepen regional ties, President Vladimir Putin said this year. Canada's Cameco Corp., the world's largest uranium supplier, agreed to set up an exploration venture with Russia, Kiriyenko said. The venture with Cameco is “the next step,” in developing the former Soviet state's 615,000 tons of uranium resources, Kiriyenko said. Techsnabexport, Russia's state-owned nuclear fuel company, said October 6 that Mitsui & Co. may take part in a €192.6 million ($245 million) plan to develop a uranium mine in Russia to tap growing demand for the fuel in countries such as China and India. (Bloomberg)