Hungary's Szijjarto Discusses Paks-2 NPP Investment Schedule With Rosatom Chief

BUDAPEST (UrduPoint News / Sputnik - 24th March, 2023) Hungarian Foreign Minister Peter Szijjarto on Thursday discussed over phone with Rosatom Director General Alexey Likhachev the investment schedule for the Paks-2 nuclear power plant and Budapest's efforts to block sanctions against Russian nuclear sector.

"We continue to fight to ensure that nuclear energy is not under EU sanctions, negotiations are constantly underway with the leadership of Rosatom regarding the investment schedule for the coming months. At the other end of the line is Alexey Likhachev, Director General of Rosatom," Szijjarto wrote on Facebook (banned in Russia as extremist).

The Hungarian diplomat reiterated that investments in Paks-2 meant long-term security guarantees for Hungarian energy, since nuclear power is currently the most reliable and predictable energy source.

In late 2014, Russia and Hungary signed an agreement on the construction of two advanced reactors in addition to four existing reactors of the Paks NPP, Hungary's only nuclear power plant. The project was titled "Paks-2." The sides agreed that Russia would allocate up to 10 billion Euros ($10 billion) in a loan to finance the construction of the units, while the total cost was expected to reach 12.5 billion euros. The construction is expected to begin in fall 2023, and the relevant licenses has already been issued.

Currently, Paks generates almost half of all electricity in Hungary, with the share due to double after the planned commissioning of the new reactors. The Hungarian authorities consider nuclear energy as the best way to ensure the country's energy security.