CGNPC Creates Nuclear-Power Joint Venture with Areva

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Researched by Industrial Info Resources (Sugar Land, Texas)--China Guangdong Nuclear Power Corporation (CGNPC) (Shenzhen) has formalized the proposed joint venture with Areva S.A. (EPA:CEI) (Paris, France). The joint venture was officially established in Guangdong recently. CGNPC holds a 55% share of the venture, while Areva holds the remaining 45%. On October 7, both parties also signed the International Cooperation Agreements Regarding Uranium Resources and Nuclear Power Projects.

On November 26, 2007, CGNPC signed an approximately $11.9 billion nuclear power framework agreement with Electricite de France S.A. (EPA:EDF) (Paris) and Areva for two 1,700-megawatt (MW) nuclear reactors for the Taishan Nuclear Power Station, as well as the required fuel until 2026.

Taishan Nuclear Power Station, located in Taishan City, is the fourth nuclear power station built by the CGNPC in Guangdong Province. The power station plans to build four thrid-generation nuclear power units of 1,750 MW each, with two units to be built in Phase I with the adoption of the European Pressurized Reactor.

Areva has accelerated its move into China, and has shown its involvement in several nuclear power projects proposed in Sichuan, Hunan and other places. CGNPC is major partner of Areva in China. Among the 11 nuclear power stations currently operated in China, four were built with the involvement of French counterparts.

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