Exporters of industrial production will enjoy state support

26.12.2006 // TVEL PR Directorate

TVEL is among the exporters who will enjoy partial compensation for their credit repayment expenses

On Dec 26 the Industry and Energy Ministry of the Russian Federation has published the list of exports of industrial production who will get compensation from the federal budget for covering part of their expenses on the repayment of the interest on the credits they have borrowed from Russian credit organizations. TVEL OJSC is on the list.

TVEL was included in the list because it closely complies with its credit contracts and has no debts to the federal budget. When making the list the Ministry also considered the amount of crediting spent on the export of industrial production of high processing degree.

While commenting on the Industry and Energy Ministry’s decision, TVEL Vice President V. Konstantinov said: «We export high-tech production — nuclear fuel. The export incomes make up 60% of our balance. That’s why the Government’s efforts to stimulate export-oriented high-tech industries, particularly, the nuclear power sector, are very important.»

Today, TVEL exports nuclear fuel to 42 foreign markets in 13 countries, including Finland, Bulgaria, Hungary, Slovakia, Czech Republic, Ukraine, Armenia, Lithuania, China.

The amount of compensation will be determined in line with points 4 and 5 of the Government’s June 6 2005 Resolution #37 «On the Procedure of Compensation for Part of the Expenses on Repayment of the Interest on Credits Borrowed from Russian Credit Organizations.»