SOURCE: Industrial Info Resources

November 23, 2009 23:00 ET

Turkey Cancels Contract for First Nuclear Power Plant, an Industrial Info News Alert

GALWAY, IRELAND--(Marketwire - November 23, 2009) - Written by Martin Lynch, European Correspondent for Industrial Info (Galway, Ireland) -- Turkey has pulled the plug on the country's first nuclear power plant by cancelling the contract with a Russian consortium led by Inter RAO UES (Moscow, Russia) and Atomstroyexport (Moscow). Turkey's state-owned power company Tetas (Ankara, Turkey) announced the decision to cancel the contract for the 4,800-megawatt Akkuyu plant on the Mediterranean coast, but has given no reason for doing so. However, the decision comes only a week after a Turkish court ruled that parts of the contract were invalid, claiming that there were legal issues with the pricing arrangement, as well as the location.

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