A Chinese state-owned company will finance and build two nuclear power plants in Argentina in a deal estimated to be valued at nearly $15 billion. China National Nuclear Corp will work with Argentina’s state-owned company Nucleoelectrica to build the South American nation’s fourth and fifth reactors. The agreement was reached over the weekend at the G20 summit in Turkey.
The Argentine government estimates the project will require $15 billion in financing, Economy Minister Axel Kicillof said in a statement issued by the country’s Ministry of Planning announcing the deal. China will provide a portion of the financing for the projects through investment and bank loans at preferential rates.
One reactor will use Canadian heavy-water technology, while the other will feature China’s locally developed Hualong One reactor. Chinese state-owned energy companies have been attempting to promote its homegrown nuclear technology and strike energy deals worldwide. Last month, China vowed to take a one-third stake in Britain’s first nuclear power plant in decades, and will provide $9.1 billion in financing for the project hailed by Prime Minister David Cameron as a “historic deal”.
Did You Know???
- The name “Argentina” comes from the Latin word for silver, argentum.
- In 2001, Argentina had 5 presidents in 10 days.
- In Argentina, political parties have their own brands of beer.
- Argentina’s retired soccer player Diego Maradona has his own religion made by his fans.
- Argentina has the world’s second-highest rate of anorexia, after Japan.
