Connect with us

Hi, what are you looking for?

Capital Business
Capital Business


Siemens says will review mooted project with Rosatom

BERLIN, May 20 – German industrial group Siemens said on Friday that it would review a nuclear alliance with Russian partner Rosatom after a court told Siemens it could not compete with former French ally Areva.

"We are going to study this arbitration tribunal\’s decision and its implications with Rosatom," a Siemens spokesman told AFP.

"That will also be done taking into consideration events in Japan, the economic environment and social and political aspects" of nuclear energy, he added.

Siemens has been ordered by an arbitration court to pay Areva 648 million euros ($927 million) to settle a dispute after the two groups ended their joint nuclear reactor venture Areva NP.

The court also told Siemens it could not compete with Areva until September 25, 2013.

Siemens launched talks on a possible joint venture with Rosatom two years ago but they struggled to advance, and the German company had said several times that the court\’s ruling would determine its next steps.

According to German media, Siemens had begun to look for a way out of the project with Rosatom owing to the catastrophe at the Japanese nuclear power plant in Fukushima.

Siemens is now orienting itself towards a strong position in alternative energy generation.

The group\’s boss declined to sign a letter last year drafted by German companies in favour of nuclear energy, which indicated that it is no longer a high priority for Siemens.

Advertisement. Scroll to continue reading.
Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 16 – The World Bank has given the Kenyan government USD 60 Million (Sh6.1 billion) to help combat the deadly coronavirus pandemic...