[corrupt] SNC-Lavalin, China sign agreements for Candu nuclear reactor technology

SNC-Lavalin, China sign agreements for Candu nuclear reactor technology

 

 

One deal signed will see Candu Energy build two reactors in Romania.

by: Madhavi Acharya-Tom Yew 

Business Reporter, Thu Jul 24 2014

Corrupt, Canadian construction and engineering giant SNC-Lavalin has signed two separate co-operation agreements with China that showcase its Candu nuclear reactor technology.

Montreal-based SNC has agreed to jointly develop and pursue power generation, mining and nuclear projects with the China National Nuclear Corp. in China and internationally.

As well, Candu Energy, a unit of SNC-Lavalin, will work with China Nuclear Power Engineering Company Ltd. to build two nuclear reactors in Romania.

The agreements, signed in Vancouver on Thursday, have the potential to generate billions of dollars for the Canadian economy, said Preston Swafford, chief nuclear officer at SNC-Lavalin Group Inc.

“It’s sending a clear message that both Canadian and Chinese governments are working closely with each other. They both realize the win-win benefit of these projects,” said Swafford, who is also president and chief executive officer of Candu Energy.

SNC has agreed to work with the China National Nuclear Corp. to develop reactors using Candu technology, which uses recycled uranium fuel, in China. The two will also collaborate on uranium mining projects in China and pursue international ventures together through a consortium.

Financial and other details will be released in the next two or three months, Swafford said. “These projects have the potential to generate billions of dollars for the Canadian and Chinese economies, while supporting China’s growing demand for energy.”

China has previously announced plans to build more than 500 nuclear reactors over the next 50 years.

Romania already has two operating Candu 6 nuclear reactors, which came into service in 1996 and 2007. Together, they account for about 20 per cent of Romania’s energy supply, and are the largest power producer in the country.

The early phases of design for the reactor, along with specifications and manufacturing for the steam generators and other components of the plant, will begin in Canada, Swafford said.

Each Romanian reactor will be about the size of the Bruce Power units near Kincardine, Ont., Swafford said.

The deal is worth about $1 billion to $1.5 billion to Canada, he said.