NEK and Atomstroyexport agreed on "Belene"


The "National Electric Company" EAD and AO "Atomstroyexport" signed an agreement on the final settlement of relations in accordance with the decision of the International Court of Arbitration in Geneva in case ICC No. 18086 / GZ / MHM.

The judgement of the Arbitration in Geneva amounts to 601.6 million euros (principal and interest), after adjustments. Additionally, NEK has to pay 0.13 million euros interest per day delay. Both sides agreed NEK to make full payment to ACE by December 25, 2016. Upon full repayment by December 15, 2016, ACE will remit (cancel) the accumulated interest from 14.06.2016 to 12.15.2016, the amount of which is 23.8 mln euros. If the payment is made within the period 16 - 25 December 2016, ACE will remit 55% of the interest accumulated since the judgment.

Source: Ministry of Energy