China: AREVA Signs Major Agreements with CGNPC and CNNC
November 04, 2010
- Record contract for the supply of uranium
- Industrial agreement for used fuel treatment and recycling
- Creation of the CAST JV for zirconium tube manufacture
November 4, 2010
On the occasion of Chinese President Hu Jintao’s state visit to Paris, the AREVA group today signed major agreements with its two strategic partners, China Guangdong Nuclear Power Corp (CGNPC) and China National Nuclear Corporation (CNNC), in the presence of the French and Chinese heads of state.
Anne Lauvergeon, AREVA CEO, and He Yu, CGNPC Chairman, signed a longterm contract for the supply of 20,000 tons of uranium over a 10-year period. The contract is worth around 3.5 billion dollars.
With Sun Qin, CNNC President, Anne Lauvergeon signed an industrial agreement on cooperation in the field of used fuel treatment and recycling. The document is the final step towards a commercial contract. The authorities of the two countries made a joint declaration in December 2009 authorizing CNNC and AREVA to enter into detailed negotiations.
In addition, AREVA and CNNC have launched the creation of a 50/50 joint venture, CAST (CNNC AREVA Shanghai Tubing Co.), that will produce and market zirconium tubes for the fabrication of fuel assemblies. Located in Shanghai, the plant will start operation at the end of 2012.
Anne Lauvergeon: “These are major agreements. They represent a new stage in AREVA’s relations with its Chinese partners. Thanks to its integrated model, AREVA is strengthening its ties with the country’s top nuclear power companies, CGNPC and CNNC, and consolidating its strategic positions on the world’s largest nuclear market.”