Dmitry Baranov, senior expert of Finam Management

– This is the first contract after the lifting of the restrictions imposed on India by the Nuclear Suppliers’ Group

On February 11, 2009 in Mumbai (India) JSC «TVEL» and the Department of Atomic Energy, the Government of India, signed long-term contracts for fuel pellet’s supply to India’s nuclear power reactors . The total cost of contracts is more than $700 million.

The signing of the contract for supply of fuel supply with India might have been considered as just an ordinary case were it not for one important circumstance: this is the first contract after the lifting of the restrictions imposed on India by the Nuclear Suppliers’ Group. So, here we can say that India was initially predisposed towards our product. This is one more proof of the very high quality of our product and the advantages of our technologies. The negotiations on this contract took just three months – which is a record for the nuclear industry.

It should also be noted that this is a long-term contract, which is quite characteristic of our relations with India in the field of peaceful use of nuclear energy and Rosatom’s position on the market.

Russia was among the key advocates of the lifting of the restrictions imposed on India by the Nuclear Suppliers Group because it was a politically motivated decision neglecting some important circumstances. Now that the restrictions have been lifted, our presence on the Indian nuclear market will grow.

This contract will enlarge our cooperation with India in the field of peaceful use of nuclear energy. I think that our countries will make new contracts. This agreement has proved that our nuclear industry has very high potential and can successfully compete with other suppliers on any markets.

India is our old partner. We have cooperated since the Soviet times, when we actively helped the Indians to develop their industry and high technologies. Today, we have confirmed that we are good partners. In quite a short period of time we have signed two important documents: an inter-governmental agreement for construction of four new reactors at Kudankulam and this contract. Now we can be sure that our cooperation with India in the field of peaceful use of nuclear energy will be developing on a mutually beneficial basis.