15:16 26.06.2017

Russia, Ukraine plan to sign new contract on uranium supplies in July-August – IUEC

Russia, Ukraine plan to sign new contract on uranium supplies in July-August – IUEC

Russia and Ukraine plan to sign a new contract on supply of Ukrainian uranium to Russia in summer, International Uranium Enrichment Center General Director Gleb Yefremov said in an interview with Interfax.

"This year the agreement on creation of the IUEC was renewed for another 10-year period, but given the current inexplicable prices for uranium, for uranium fuel components, we made the decision and agreed with Ukraine and all our other shareholders that the next period of operation of the long-term agreement will be for three years," Yefremov said.

"The signing of the three-year agreement is planned for July-August this year," Yefremov said. "Corporate approval procedures are now underway, since the agreement has the characteristics of a transaction. In the framework of this agreement we are signing annual contracts, that is, for each year we determine the amount of production that our shareholder needs. The contract for 2017 will also be signed at the same time as the long-term three-year agreement," he said.

The IUEC head also said that the volume of the new agreement will not be changed. "The volume has been kept the same at 60,000 separative work units, [a conditional measure of the cost of uranium enrichment services], he said, adding that "the price remained, incidentally, the same." "Despite the fact that we currently have prices dropping on the markets and quotations falling, we have kept the cooperation terms the same for Ukraine; Ukraine will receive our services at the same established prices," Yefremov said.

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