04:09 GMT +3 hours30 May 2016
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Moscow Ready to Fulfill Loan Obligations on Hungarian Paks NPP - Putin

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Russia is ready to provide a loan 10-billion-euro loan for building new facilities at the Hungarian Paks Nuclear Power Plant (NPP), Russian President Vladimir Putin said on Wednesday.

MOSCOW (Sputnik) — Earlier in the day, Putin held a meeting with Hungarian Prime Minister Viktor Orban.

"The total amount of [Paks NPP] project financing is 12 billion euros [$13.4 billion], 80 percent of which should be provided by the Russian loan. I confirmed today to the [Hungarian] Prime Minister that the Russian side is fully ready to fulfill its obligations," Putin said at a press conference after talks with Orban.

In late 2014, Russia and Hungary signed a deal to build units 5 and 6 at Paks with VVER-1200 reactors. Russia is expected to provide Hungary with up to 10 billion euros ($11.14 billion at current exchange rates) loan for the project.

Russia’s TVEL, a subsidiary of the state nuclear corporation Rosatom, has been supplying nuclear fuel to Hungary’s Paks nuclear power plant (NPP) since its first unit started operations in 1982. During the late 2000s, Russia helped restore and expand capacity of the NPP.

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nuclear plant, Hungarian Paks Nuclear Power Plant (NPP), TVEL, Rosatom, Hungary, Russia
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