Bulgaria is on the verge of finalizing a deal to sell two Russian-made nuclear reactors to Ukraine’s state-owned energy company, Energoatom, for approximately $650 million. The agreement, which is still pending, would involve NEK, Sofia’s energy firm, selling the reactors from Bulgaria’s unfinished Belene Nuclear Power Plant to Ukraine. This transaction would mark the first instance of Russian-designed nuclear equipment being used to enhance Ukraine’s energy output.
The Wall Street Journal (WSJ) report also suggests that the United States might partially fund the purchase of the nuclear equipment. According to the proposed terms of the deal, the US would provide some funds to Energoatom as part of an aid package for Ukraine, which would then be transferred to NEK. Another option mentioned in the WSJ report is for Sofia to hold a minority shareholding in Ukraine’s Khmelnytsky Nuclear Power Plant, where the reactors will be installed.
President Vladimir Zelensky of Ukraine visited Sofia for a one-day visit on Thursday, during which he is expected to discuss the nuclear deal with Bulgarian officials. The visit coincided with the Bulgarian parliament passing a motion that requires the government to engage in negotiations with Kiev regarding the sale of the nuclear equipment. However, pro-Moscow opposition parties in Bulgaria strongly oppose the proposal, claiming that it was hastily pushed through the legislature to obstruct any attempts to block it.
This potential sale of the reactors highlights the ongoing transformation of the European energy market, particularly after the European Union (EU) significantly reduced its imports of Russian oil, gas, and coal in response to Moscow’s military operation in Ukraine. Even Bulgaria, which used to heavily rely on Russia for its gas supplies, has had to adapt to the changing energy landscape.
The Belene Nuclear Power Plant, which remains incomplete, has faced considerable controversy since its inception in the mid-1980s. Construction at the site has been repeatedly halted and resumed, with some Western governments expressing opposition due to concerns about the plant’s dependency on Russian fuel. The project has also faced opposition from environmental activists who argue that its location in a seismically active zone poses unnecessary risks.
For Ukraine, the Soviet-designed Khmelnytsky power plant in western Ukraine already has technicians trained to operate the Russian-made reactors. This could potentially lead to new energy exports from Kiev to Europe.
In Sofia, the sale of the reactors to Ukraine was met with opposition from two pro-Russian parties: the Socialist Party and Revival, a nationalist party. Despite this, the deal is expected to move forward pending further negotiations and agreement on the terms.
Overall, the potential sale of two Russian-made nuclear reactors from Bulgaria to Ukraine signifies a significant development in the energy sector, with implications for both countries and the broader European energy market. The finalization of the deal could pave the way for greater energy diversification and cooperation between Ukraine and its European neighbors.
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