Akkuyu NGS's head, Fuad Akhundov, said on Tuesday that electricity production by nuclear power plant would help to diminish Turkey's current account deficit by $2.5 billion per year, as it would decrease natural gas imports.
Akkuyu NGS, a subsidiary of Russia's state-owned nuclear body Rosatom, is building Turkey's first nuclear plant in southern Akkuyu district.
'A $3 billion of natural gas is required to generate 35 billion kilowatt hour electricity, which Akkuyu is going to produce when it is fully operational. But, we will bring $500 million of uranium yearly to produce that amount' Akhundov said. 'This will contribute $2.5 billion to Turkey's trade balance,' he added.
Turkey and Russia agreed that Rosatom would build and operate Akkuyu plant with four units in 2010 as the official start for the construction has been delayed.
Refraining from giving an exact inauguration date for the first unit with a production capacity of 1,200 MW, Akhundov said such delays are normal in this kind of large-scale projects.
'Our final target is to finish it in 2023 and enable the country to enter its centennial with nuclear power,' he said reminding the construction will last for seven years after the license are granted.
The plant has been licensed so far by neither Turkish authorities nor International Atomic Energy Agency as the procedure is expected to last for nearly two years.
Asked whether a financial hurdle may impair the project as Russian ruble devalued in last year, Akhundov said there is no trouble with funding as the company received $700 million in the beginning of this year, 'when Russian economy is going through its worst period.'
Turkey aims to ease its high-energy bill of $50 billion as the nuclear plant is expected to generate some 15 percent of total electricity demand, according to Akhundov.
Having invested $3 billion, the total cost of the plant to Akkuyu NGS will reach $20 billion.
Akhundov said despite the short-term fluctuations in Turkish economy, they are confident in the long term positive trend and increasing energy demand in the country.
'We trust in Turkey's economy and its potential,' he said.
By Furkan Naci Top
Anadolu Agency
furkan.top@aa.com.tr