Vladimir Rojanovski, manager of MidCap Sickle and Hammer Fund

– Restart of enriched uranium supplies to the United States is the result of the “fresh start” policy adopted by the new US Administration in our relations

During a meeting in Washington, DC, on July 21 2009 representatives of Techsnabexport OJSC (Tenex, 100% subsidiary of Atomenergoprom OJSC) and Constellation Energy Nuclear Group (CENG) signed a long-term contract for the supply of enriched uranium to the United States. CENG operates five reactors in the states of Maryland and New York for Constellation Energy (CEG). The contract is supposed to meet part of CENG’s demand for nuclear energy in 2015–2025. This is the sixth contract Tenex has signed with US power companies since May 2009. The first two contracts have already been approved by the US Department of Energy.

The restart of the enriched uranium supplies to the United States is the result of the “fresh start” policy adopted by the new US Administration in our relations. Enriched uranium is our traditional export item. I would rather not focus on the difference between $7.6bln and $8bln. The US market is enormous and I think that in the mid-term future this restart will give us really big profits.