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Friday, March 21, 2008       Free Headline Alerts

Russia, Egypt in talks on major nuclear deal

CAIRO — Russia and Egypt have agreed to cooperate on nuclear energy projects worth an estimated $2 billion.

Officials said Russia and Egypt plan to sign an agreement on nuclear energy cooperation over the next few days. They said the signing would take place during Egyptian President Hosni Mubarak's visit to Moscow in late March.

"An agreement on nuclear energy cooperation has been drafted and will be signed soon," the Egyptian daily Al Masry Al Yom newspaper, quoting sources in the Egyptian Electricity Ministry, said.

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Under the estimated $2 billion accord, Egypt would examine Russian offers to supply a nuclear energy reactor. But officials said the Mubarak regime would not be committed to any purchase, Middle East Newsline reported.

Officials said Egypt plans to release an international tender for the construction of nuclear plants. They said up to five countries, including Russia, were expected to compete for the contract.

"The number of potential partners is limited," Egyptian Foreign Trade Minister Mohammed Rachid said. "These are primarily Russia and another three or four countries."

Officials said the tender for the first nuclear power plant was expected to be decided 2009. The facility would begin operations in 2017.

Under the forthcoming accord, Russia would be allowed to build nuclear facilities, train Egyptian personnel and supply nuclear fuel to Cairo. The accord was expected to be supervised by the International Atomic Energy Agency.

On March 18, Mubarak met a visiting Russian delegation to discuss nuclear energy cooperation. The delegation was led by Russian Industry and Energy Minister Viktor Khristenko.


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