Russia renames overseas subsidiary

31 December 2015

Russian state nuclear corporation Rosatom has changed the name of its subsidiary JSC Rusatom Overseas to JSC Rusatom Energy International. The change was agreed by Rusatom Overseas shareholders at a meeting chaired by Kirill Komarov, Rosatom's first deputy general director for corporate and international business development, on 23 December.

The shareholders of Rusatom Energy International are Rosatom with 44.13% and Atomenergoprom with 55.87%. Atomenergoprom manages Russia's civilian nuclear power assets.

The decision to rename Rusatom Overseas was taken within the framework of the ongoing restructuring of the company that started in May.

Rosatom announced in June that Rusatom Overseas was being split into three new companies - JSC Rusatom Overseas Inc, responsible for the "global promotion of Rosatom's integrated offer for nuclear power plant construction projects"; JSC Rusatom International, responsible for managing foreign nuclear power plant construction and operation on the basis of build-own-operate contracts, or as a shareholder in project companies; and a third company, as yet unnamed, responsible for the development of new nuclear non-energy businesses, that was to be established by the end of this year.

Evgeny Pakermanov and Nikita Konstantinov were appointed director general of Rusatom Overseas Inc and Rusatom International, respectively. Konstantinov is thus now director general of Rusatom Energy International.

The plan to create a third company has been scrapped, a spokesperson for Rusatom Energy International, Ksenia Loskutova, told World Nuclear News today.

"Currently, projects related to nuclear medicine and radiation technologies are coordinated by the Department for Development and Restructuring at Rosatom," she said, adding that Oleg Barabanov is the director of this department.

Rusatom Energy International will specialise in the management of Rosatom's international projects for the construction and operation of nuclear power plants, Rosatom said this month. It will act as the corporation's project companies' shareholder. The functions of the company, inter alia, include attracting finance, ensuring implementation of projects to budget and on time, the safe and efficient operation of nuclear power plants, as well as the sale of electricity in foreign markets.

It is currently managing the Hanhikivi 1 and Akkuyu nuclear power plant construction projects, in Finland and Turkey, respectively.

Rusatom Energy International, via its subsidiary RAOS Voima Oy, owns 34% of Finland's Fennovoima – owner of the Hanhikivi 1 project. RAOS Project Oy, another subsidiary of Rusatom Energy International, is acting as general contractor of the project, which is in Pyhäjoki, northern Finland.

Rusatom Energy International is also a majority shareholder of JSC Akkuyu Nuclear, which is managing the project to build and operate the four-unit Akkuyu nuclear power plant in the Turkish province of Mersin.

Rusatom Overseas Inc is responsible for the promotion of the integrated offer of nuclear power plant construction projects in international markets. Its key tasks are growth of the overseas orders portfolio of Rosatom companies and "retaining the leading positions of Russia" in the global nuclear market. It is to ensure full back-up of the customer nuclear power programs at all stages of implementation, including financing, training, localisation of the supply chain, fuel supply with take-back of used fuel for reprocessing, and decommissioning.

It is also responsible for promoting Russian nuclear technologies in the international market, from uranium mining to nuclear power plants. It "acts as an integrator of Rosatom's complex solutions in nuclear energy, manages the promotion of the integrated offer and the development of Russian nuclear business abroad, as well as working to create a worldwide network of Rosatom marketing offices." 

Researched and written
by World Nuclear News

Filed under: Russia