OREANDA-NEWS. November 27, 2009. State Atomic Energy Corporation Rosatom confirmed the decision to establish Fuel Company on the basis of OJSC TVEL (a 100% affiliate of JSC Atomenergoprom).

The decision was taken within the framework of activities aimed at restructuring nuclear power generation industry in order to enhance its efficiency.

In accordance with the decision the first stage will comprise transmission of OJSC United Company Enrichment Sublimation Complex shares to OJSC TVEL (UC ESC is a 100% “daughter” of JSC Atomenergoprom consolidating 100% shares of enrichment sublimation combines such as Angarsk Electrolytic Chemical Combine, PA Electrochemical Plant, Ural Electrochemical Combine and OJSC Siberian Chemical Combine).

Besides this OJSC TVEL will receive 100% shares of OJSC Engineering Center Russian Gas Centrifuge that unites enterprises of nuclear complex taking part in design and production of major (gas centrifuges) and auxiliary equipment for separation enterprises namely OJSC Vladimir Production Association Tochmash, OJSC Kovrov Mechanical Plant, CJSC DDB-Nizhny Novgorod, CJSC Tsentrotekh- SPb, LLC Novouralsk R&D Center, LLC Novouralsk Instrument Plant, LLC Ural Gas Centrifuge Plant.

The required corporate activities to establish Fuel Company are planned to be fulfilled within 2010.

In accordance with the plan of priority activities to establish Fuel Company OJSC TVEL will elaborate the conception of development for Fuel Company till the end of 2009, and will submit it for approval to Rosatom State Atomic Energy Corporation and JSC Atomenergoprom.

OJSC TVEL will carry out an audit of the main enterprises that will be assigned to it in November-December later this year. With this view on November 9-10 Vladislav Korogodin, Deputy Director of JSC Atomenergoprom, Yuri Olenin, President of OJSC TVEL and Vladimir Fedoseev, Director of OJSC UC ESC paid a visit to OJSC SCC.