Latest News

Finland's Fennovoima denies Rosatom claims on nuclear plant arbitration

Finnish nuclear power plant consortium Fennovoima denied on Tuesday that there had actually been any choice by an arbitration court against it in its disagreement with Russia's stateowned Rosatom over a cancelled joint plan to develop a nuclear reactor in Finland.

Rosatom's chief executive was quoted as stating on Monday that the court had actually made preliminary findings against Fennovoima.

In May 2022, Fennovoima unilaterally ditched a. 7-billion-euro ($ 7.6 billion) agreement for Rosatom to construct a. nuclear reactor in Finland, citing hold-ups and increased. threats due to Russia's war in Ukraine and prompting Rosatom to. look for settlement for the termination.

Both sides submitted claims for billions of dollars in damages. from each other in 2022.

The first phase of hearings has currently occurred. An. arbitration tribunal in Paris identified our Finnish partners'. actions as unreasonable and politically inspired, Rosatom. President Alexei Likhachev was quoted as saying by. Russia's Interfax news company on Monday.

Finland's relations with neighbouring Russia have quickly. deteriorated over the past two years as a result of Russia's. invasion of Ukraine and Finland's subsequent decision to sign up with. the Western military alliance NATO together with its Nordic ally. Sweden.

Called , Fennovoima, a consortium that includes. Outokumpu, Fortum and SSAB. among others, denied there had been any such decision in the. arbitration that is happening behind closed doors. Neither. Fennovoima nor Rosatom has actually said which Paris arbitration tribunal. is managing the problem.

The declarations by Mr Likhachev as reported are incorrect;. in particular, no arbitral tribunal in any proceedings. concerning the Hanhikivi-1 job has actually released any choice or. award, not to mention made a finding that action by Fennovoima was. ' unreasonable and politically encouraged', Fennovoima's Chief. Executive Matti Suurnakki stated in an emailed statement.

Fennovoima was established to commission the nuclear reactor,. which Rosatom was due to build in the cape of Hanhikivi on. Finland's west coast. The project was authorized by the Finnish. Parliament in December 2014 in spite of political wrangling, but it. was dogged by hold-ups from early on.

At the time Fennovoima ended the agreement-- 8. years into the project-- the task had still not even. followed the style stage to the building stage and. had actually accrued hold-ups, at a minimum, of practically a years, Suurnakki. included.

(source: Reuters)