June 19, 2017 / 7:49 AM / in a month

Russia's Rosatom confident it can continue to grow overseas

2 Min Read

MOSCOW, June 19 (Reuters) - Russian state nuclear firm Rosatom is increasing its overseas order book faster than expected and is confident it can continue to expand abroad, its first deputy chief executive said on Monday.

Rosatom was formed in 2007 from the Russian Atomic Energy Ministry and is tasked with turning nuclear power into a major export industry.

Its fortunes have been helped by the fact the two leading Western reactor makers, France's Areva and Japanese-owned Westinghouse, have been hit by delays and cost overruns at various reactor projects.

Rosatom first deputy CEO Kirill Komarov told a nuclear conference in Moscow that as of last year Rosatom had an overseas order book of $133 billion for the next 10 years, with almost three times more foreign orders than in 2011.

Last year, Rosatom made 47 percent of its revenue overseas, and the company thinks it will reach its goal of making two-thirds of revenue from foreign orders far ahead of 2030 as originally planned, Komarov said.

"Our profit and EBITDA (earnings before interest, tax, depreciation and amortisation) are rising, our debt is falling. This gives us grounds to feel very confident and have the strength to take on new, ambitious international projects, including those that require financing," he said.

Last week, Rosatom won approval from Turkey's energy watchdog to go ahead with building its $20 billion Akkuyu nuclear power plant in southern Turkey. (Reporting by Alexander Winning; editing by Katya Golubkova and David Clarke)

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