Russia Loses Ground as China Offers Kazakhstan More Affordable Nuclear Power Plants

China National Nuclear Corporation (CNNC) has proposed constructing two nuclear power plant units in Kazakhstan with a combined capacity of 2.4 GW at a cost of US$5.47 billion-almost half of the previously estimated price.

Following negotiations, the Kazakh side "expressed interest in learning from China’s experience in ensuring nuclear and water-ecological safety at all stages of the nuclear power plant project", The Caspian Post reports citing foreign media.

CNNC not only offers a lower price but is also ready to share technologies and allow Kazakhstan full control over the nuclear fuel cycle.

The International Atomic Energy Agency (IAEA) has announced its readiness to cooperate with Kazakhstan on the project.

Other shortlisted contenders for the construction of the nuclear plant in Kazakhstan include Russia’s Rosatom, South Korea’s KHNP and France’s EDF. The data of Kazakhstan’s Ministry of Energy shows that the project was previously estimated at US$10-15 billion. The government had warned that due to rising material and service costs, the amount could increase by 1.5 times.

Kazakhstan has the world’s second-largest uranium reserves and controls 43% of global uranium production through the company Kazatomprom. The country previously operated a nuclear power plant - the Shevchenko plant - built during the Soviet era, which was decommissioned in 1999 due to the risk of weapons-grade plutonium production.