Siemens and Rosatom sign MoU

4 March 2009

Siemens and the Russian State Atomic Energy Corporation Rosatom have signed a Memorandum of Understanding on the creation of a joint venture in the field of nuclear energy. The joint venture plans to push ahead with further development of Russian pressurized water reactor (VVER) technology. It also intends to handle marketing and sales, and the construction of new nuclear power plants as well as modernization and upgrades of existing plants.

The joint venture may take up business opportunities along the entire nuclear conversion chain from fuel fabrication to decommissioning of nuclear power plants. In a next step, the parties will negotiate the terms and conditions of the cooperation, with Rosatom holding the majority stake of 50 percent plus one share in the joint venture.

The talks between the companies follow hard on the heels of Siemens' announcement at the end of January that it is to sell its stake in Areva NP, the reactor subsidiary of French nuclear power giant Areva.

Siemens currently holds a 34 percent stake in Areva NP, estimated to be worth 2.0 billion euros (2.6 billion dollars), which it will sell to Areva within three years, (under an option governed by the 2001 shareholder agreement) a Siemens statement said.

According to the companies, they complement each other well. Rosatom says it is the world’s only company covering the whole nuclear value-added chain including the operation of nuclear power plants. Siemens has accumulated comprehensive know-how in the conventional island of nuclear power plants and experience in project management for the construction of large installations.

Sergey V. Kirienko, General Director of the State Corporation Rosatom said: “In a fully fledged partnership with Siemens we want to become the world market leader in nuclear power business."

Peter Löscher, president and CEO of Siemens AG said: “We have made an important step in the direction of closer cooperation with Rosatom only four weeks after we were kindly invited by Prime Minister Putin to hold talks.”

By 2030, Siemens forecasts that there will be approximately 400 new nuclear power plants around the globe, representing a total investment of more than EUR1,000 billion.

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