Konstantin Zaytsev, Vice Chairman of State Duma Energy Committee

– Transition to IAS will enhance the transparency of Atomenergoprom’s activities

In July-Aug 2009 Atomenergoprom OJSC is planning to hold a tender for the right to draft consolidated financial report for Jan-June 2009 in compliance with the International Accounting Standards (IAS); to audit the consolidated financial report drafted for Atomenergoprom companies for 2010 in compliance with IAS; to provide consultation on whether the cost of the assets and obligations are fair and comply with the requirements of IAS.

The transition to the International Accounting Standards is the next step of Rosatom’s policy to apply a wide range of market mechanisms in the nuclear industry. It has already started demonopolizing the market of suppliers of large NPP equipment by stimulating competition. The Nuclear Machine Building Fair in Nizhniy Novgorod was part of this program. 

I think that the transition to the IAS will enhance the transparency of Atomenergoprom’s activities and will make that company more comprehensible for the business community. Besides, the use of the IAS is an obligatory precondition for successful work on the international level and ability to compete with the leading foreign companies.

Atomenergoprom OJSC (Atomny Energopromyshleny Kompleks) is a state holding that is supposed to comprise 89 nuclear companies and to cover the whole range of nuclear services: from uranium mining to NPP construction and electricity production. Atomenergoprom’s companies will have a total of 175,000 employees and an annual production of 200bln RUR (5.5bln EUR). Atomenergoprom is one of the biggest players on the world market: it has a 40% share in the world’s uranium enrichment services, 17% in nuclear fuel production, 8% in uranium mining, 28% in NPP construction (10 reactors). The director of Atomenergoprom is Vladimir Travin, the chairman of the board of directors – Sergey Kiriyenko.