Tokyo, London Sign Memorandum of Understanding on Reactor Construction

Japan and the United Kingdom signed Thursday a memorandum of understanding, allowing Japanese companies to build nuclear reactors on the British islands, Japanese media reported.

TOKYO (Sputnik) – The memorandum on cooperation in the nuclear sphere was signed by Japanese Minister of Economy, Trade, and Industry Hiroshige Seko and UK Business, Energy and Industrial Strategy Secretary Greg Clark and covers decommissioning old reactors, tackling radioactive contamination, research and development, nuclear security and the construction of new reactors, according to the Kyodo news agency.

Japan considers allocating approximately $8.5 billion for the construction of a nuclear power plant in the United Kingdom via such state financial institutions as the Japan Bank for International Cooperation (JBIC) and the Development Bank of Japan, the news agency said.

Japan’s strategy on economic growth by Prime Minister Shinzo Abe implies export of nuclear technologies, thus, Hitachi Corporation intends to build six reactors in the United Kingdom after purchasing British Horizon Nuclear Power in 2012.