China inks $15bn deal to build nuclear reactors in Argentina
A Chinese state-owned company has signed a contract worth nearly $15 billion to finance and build two nuclear power plants in Argentina.
According to the deal, China National Nuclear Corp (CNNC) will work with Argentina's state-run company, Nucleoelectrica, to build the South American nation's fourth and fifth nuclear reactors, AFP reported.
According to a statement posted on the website of CNNC on Monday, the agreement was reached over the weekend during the G20 summit in Turkey.
Based on estimates by the Argentine government, the project will require $15 billion in financing. The figure was announced by Argentina’s Economy Minister Axel Kicillof in a statement issued by the country's Ministry of Planning.
The statement added that the Chinese company will provide a portion of the financing for the projects through investment and bank loans at preferential rates.
One reactor will use Canadian heavy-water technology, while the other is designed to use China's locally developed Hualong One reactor, CNNC said.
During recent years, China’s state-owned energy companies have been making efforts to promote the country’s homegrown nuclear technology and strike energy deals with all countries across the world.
Last month, China vowed to take a one-third stake in Britain's first nuclear power plant in decades, announcing that it will provide $9.1 billion in financing for the project, which was hailed by Prime Minister David Cameron as a "historic deal."
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