ST. PETERSBURG (Sputnik) — Paks NPP was built in the 1980s and produces up 50 percent of Hungary's electricity, according to the European Commission. The Paks II project includes the construction of two new reactors to phase out the four dated reactors currently operating at the Paks site. The agreement between Russia's Rosatom and the Hungarian MVM Group on the building of the new units for the plant was reached in 2014.
"Preparation work is currently being carried out, which can take up to a year and a half. So in a year and a half, the construction of the nuclear power plant itself will start," Szijjarto said at one of the sessions of the St. Petersburg International Economic Forum (SPIEF).
"The overall volume of the investment comprises 12.5 million euros [$14 million] and 85 percent of the cost is covered by the Russian state loan," Szijjarto added.
In March, the European Commission concluded that Hungary's financial support for the construction Paks II units, to be fitted with Russian VVER-120 reactors, involves state aid, and approved this support under EU state aid rules. In April, the site for Paks II was approved by the Hungarian authorities.
SPIEF is one of Russia's major economic and business events. The 21st forum is held on June 1-3. The Rossiya Segodnya International Information Agency is the official media partner of the forum.
