Russia’s nuclear company Rosatom received EUR620 million (USD660 million) in compensation from the Bulgarian energy firm Natsionalna Elektricheska Kompania (NEK) over the cancelled EUR10 billion Belene nuclear project. A plan to build the Belene project near the Danube River in Bulgaria was scrapped in 2012 after failing to attract overseas investors. In October 2006, Rosatom’s subsidiary AtomstroyExport was awarded a contract to build each of the 1,000MW reactors and deliver the essential equipment for the power plant.

In June 2016, the Court of Arbitration at the International Chamber of Commerce in Geneva ruled that Bulgaria had to pay compensation for the nuclear equipment ordered from AtomstroyExport for the plant.

Rosatom said it was satisfied with the repayment of obligations made by NEK AED as agreed within the terms of the settlement agreement signed on October 26, 2016.

Rosatom’s first deputy CEO Kirill Komarov said, “During the whole period since the Arbitration award, the Bulgarian party has been demonstrating its good faith in dealing with the matter and has proven itself as a reliable business partner.”

“Bulgaria and Russia have a long history of successful cooperation in the nuclear area and the settlement relating to the Belene NPP according to the Arbitration award offers new prospects for the implementation of joint projects in the future.” The first reactor, which was built for the Belene project, is planned to be transferred and installed at Bulgaria’s Kozloduy nuclear power plant.