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State-Owned Project Company to Control Paks Upgrade

State-Owned Project Company to Control Paks Upgrade

Budapest, October 15 (MTI) – A project company established to undertake an upgrade of Hungary’s sole nuclear power plant, in Paks, will be put under direct state ownership, a general meeting of the state-owned Hungarian Electricity Works (MVM) decided today.

The state will buy the project company, called MVM Paks II Atomeromu Fejleszto, for 10.16 billion forints (EUR 33.2m), a price established by the local businesses of consultancies Deloitte and Ernst and Young. The Hungarian National Asset Management Company (MNV) will make the purchase.

MVM Paks II was established with start-up capital of 9 billion forints in the summer of 2012.

Hungary signed an intergovernmental agreement with Russia on the construction of the two blocks at the Paks nuclear power plant in January. Russia is providing 10 billion euros in credit for the investment.




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