Techsnabexport, Russia's state-run nuclear exporter, said Friday it has signed a cooperation agreement with Renova Group to set up joint ventures as part of a joint investment project to prospect and develop uranium deposits in Africa and Asia.

Russia has been looking to increase its presence on the world nuclear fuel market, but has encountered resistance, particularly from the United States, which imposed anti-dumping restrictions on Russian nuclear fuel imports in 1992.

Techsnabexport and Russia's leading asset management company, headed by tycoon Viktor Vekselberg, plan to set up joint ventures in South Africa, Namibia and the Democratic Republic of Congo, the company said in a statement.

Techsnabexport, which operates on the world market under the Tenex brand, is one of the world's largest suppliers of nuclear fuel cycle products and services, and has subsidiaries in Germany, South Korea and Japan.

Renova Group is a stakeholder and strategic investor in leading Russian stand-alone and holding companies in the metallurgical, oil, machine engineering, mining, chemical, construction, housing, utilities and financial sectors.

SOURCE: RIA Novosti

DATE: Feb 13, 2007

Topics: Uranium, Russia, Africa, Asia