Business news

MINSK, 22 September (BelTA) – A possibility to extend the term of the loan for the construction of the Belarusian nuclear power plant and to reduce the interest rate was discussed at the Belarus-Russia talks in Sochi on 21 September, Belarus President Alexander Lukashenko said at a session in Minsk on 22 September, BelTA has learned.

“We also discussed a possibility to extend the repayment period of the loan to build the nuclear power plant and to reduce the interest rate,” the Belarusian head of state said.

Alexander Lukashenko explained that the reason behind this request is Russia’s failure to comply with the deadlines for the BelNPP construction. “The commissioning of the first power-generating unit has been delayed for as long as one year so far. According to what watchdog agencies tell me, I am afraid that Russia might ask to extend the deadline again, which is totally unacceptable. As the deadline was missed (of course, we do not want to go to court, though it is envisaged in the agreement), we agreed that the length of the loan /loan repayment period should be extended and that the interest rate should be as good as for other states, like Armenia, Bangladesh, Hungary and others,” the Belarusian president said.

“It is somewhat down to 3% [the reduction of the interest rate]. No rejection about that. We just need to finalize this matter. I think we will be able to resolve this issue in the way that I suggested,” the Belarusian leader added.

The Belarusian nuclear power plant is being built near Ostrovets, Grodno Oblast, and will feature two Russian-design units VVER-1200. The first power-generating unit is scheduled for commissioning in 2019, with the second one to go online in 2020. The first batch of nuclear fuel is to be supplied to the station by the end of 2018.

The credit line to build the Belarusian nuclear power plant was opened till 2035. Russia is to provide a loan of up to $10 billion that covers 90% of the construction costs. The remaining 10% is to be paid by Belarus. Belarus’ Energy Ministry informed earlier that the final construction costs will be determined by real expenses on its construction.