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Hungary committed to implementation of Paks-2 project, says FM

May 25, 18:07 UTC+3 BUDAPEST
The implementation of the Paks-2 project will contribute to higher competitiveness of Hungary in energy sector, says Hungarian foreign minister
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© EPA/MAK REMISSA

BUDAPEST, May 25. /TASS/. Hungary is committed to the implementation of the project on expansion of the Paks power plant, the country’s Minister of Foreign Affairs and Trade Peter Szijjarto said after talks with Russian Foreign Minister Sergey Lavrov.

"The implementation of the Paks-2 project will contribute to higher competitiveness of Hungary in energy sector. The Hungarian side is committed to the implementation of this project in compliance with the plan," Szijjarto said.

The Paks nuclear power plant was built with Russia’s participation. Russia and Hungary agreed to build new power units at the power plant in January 2014.

For the implementation of the project Russia is to grant Hungary a country-to-country loan worth 10 bln euros to finance the supplies of equipment, design and construction services and commissioning of units 5 and 6 of the Paks plant.

Investments in construction of units 3 and 4 of the Paks NPP won’t exceed 12.5 bln euros. The agreement provides for the use of lending in 2014-2025. The interest rate varies between 3.95% and 4.95%.

The Paks NPP is the only operational nuclear power plant in Hungary. The plant was built under the project designed in the USSR. The plant generates more than 40% of all electricity in the country.

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