AtomStroyExport sue on Belene payment

22 July 2011

Russia's reactor export firm has taken its Bulgarian customer National Electricity Company (NEK) to court over the non-payment of $58 million. The money relates to work on the proposed Belene nuclear power plant, which AtomStroyExport (ASE) said have been certified by both parties as complete. ASE said it was required by Russian law to properly collect export earnings and file appropriate tax returns, that the case "should in no way be construed as a measure to presure the customer in order to accelerate decision-making" and that it respects NEK's desire to carefully consider the project to build two large reactors at Belene. Nevertheless, contracts worth billions have already been signed ahead of finance deals that would support them. Case documents have been filed at the International Court of Arbitration of the International Chamber of Commerce in Paris.