At its July 7 session, the Slovak Cabinet approved a draft contract between the Finance Ministry and power producer Slovenské Elektrárne (SE) on the settlement of a portion of the Russian Federation's debt towards Slovakia. The debt will be paid off by imports from Russia of electricity, nuclear fuel and black coal, and the processing of spent nuclear fuel from Slovakia.
The contract stipulates that the SE will secure the repayment of a $30 million portion of the Russian debt in the form of power supplies within three years. The nuclear fuel supplies will total $160 million, while the supplies of black coal will knock $120 million off the debt. Export of spent nuclear fuel should setlle $140 million of the debt.
The SE pledges to prepare, organize, refinance, and secure annual supplies of Russian power totaling $10 million for three consecutive years, starting this year. The SE will secure this power at the most favorable prices on behalf of the Finance Ministry.
If the SE is unable to meet the agreed-upon annual volume of power supplies because of a strike, war or acts of nature, the gap will be filled by supplies of nuclear fuel, black coal, or the export of used nuclear fuel from Slovakia.
The SE and the ministry agreed that the SE would receive a one Slovak crown fee for its role, while in return for the energy it will pay the ministry 80% of the sum by which the Russian debt towards Slovakia will be decreased.
2. Aug 1999 at 0:00 | SITA