Minister Malinov: We expect to sign an engineering contract for the new nuclear power plants with Hyundai and Westinghouse by the end of October

"We expect an engineering contract to be signed by the end of October between "Kozloduy NPP - New Power Plant" - EAD and a consortium between the Korean Hyundai Engineering and Construction and the American Westinghouse Electric Company." This was announced by the Minister of Energy Vladimir Malinov after a meeting with the executive director and president of Hyundai Engineering and Construction Yun Young Jun.

We remind you that according to the decision of the National Assembly of February 23, 2024, it was assigned to conduct negotiations between "Kozloduy NPP - New capacities" - EAD and Hyundai Engineering & Construction Co for engineering, construction, delivery and commissioning of a nuclear power plant at the approved site in Kozloduy, with AR1000 technology. Minister Malinov and Mr. Yun Young Jun agreed that the two countries will make every effort to build the first AP 1000 reactor in Europe in Bulgaria. "The project to build the 7th and 8th units in the Kozloduy nuclear power plant is strategic for Bulgaria and Europe to achieve a low-carbon economy. The main goal of the Bulgarian government is to speed up the implementation of the project, and this year it is key to focus on the design, structuring of the financing and the business model," Minister Malinov emphasized during the meeting with the management of Hyundai Engineering and Construction.

During the first day of his visit to Seoul, Energy Minister Vladimir Malinov also spoke with the chairman and executive director of one of the leading state banks - the Export-Import Bank of Korea, Mr. Hee Sung Yoon. As an official export credit agency, it provides comprehensive export credit and guarantee programs to assist Korean enterprises in conducting overseas business.

"For the Bulgarian side, the issue of securing financing for the implementation of the project for the construction of new nuclear facilities at the Kozloduy NPP remains of key importance. According to the decision of the National Assembly of 18.12.2023, negotiations for securing external financing with financing institutions for the construction of new nuclear facilities should be completed by 30.07.2025. "We strive to achieve an optimal mix of securing funding from both Korean and American institutions," he added. Malinov recalled that after his visit to the USA in May of this year, the Export-Import Bank of the United States of America (EXIM Bank) received a letter of intent to finance the project with more than 8 billion dollars. A commitment was made by the Korean Exim Bank to speed up the issuance of a letter of intent to finance the Korean participation in the project as much as possible and to receive the document within the month of September.

Later, Energy Minister Vladimir Malinov will also talk with the president and chairman of the Korea Commercial Insurance Corporation (K-SURE), Mr. Youngjin Jang.