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Published: 27 march 2012 15:57

New company to be involved in Lithuanian-Hitachi concession deal

Andrius Kubilius (kairėje), „Hitachi“ viceprezidentas Masaharu Hanyu (centre) ir Žygimantas Vaičiūnas
BFL/Tomo Lukšio nuotr. / Andrius Kubilius (left), „Hitachi“ vice president Masaharu Hanyu (centre) and Žygimantas Vaičiūnas

While the Lithuanian government planning to initial a concession agreement on a new nuclear power plant with Japan's Hitachi by the end of this week, it has been proposed that the document should be signed by a newly-established Project Company, the Lithuanian Government, and the strategic investor.

The Cabinet is expected to consider this proposal during its Wednesday's sitting.

A draft government resolution, drawn up by the Energy Ministry, provides that the Japanese corporation will be able to participate in the Project Company.

Lithuania will assume obligations directly under the concession agreement, rather than under other related agreements, according to the draft resolution.

This is aimed at putting in place a regulatory framework to ensure that the concession agreement on the design, construction, operation and closure of the new plant is properly concluded and creating the legal preconditions for a quick and efficient implementation of the project.

The concession agreement is planned to be signed by July.

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