Vneshtorgbank (VTB) and Russia's state-run nuclear exporter have signed a memorandum of cooperation to invest in uranium prospecting and production in Namibia, Russia's second-largest bank said Monday.

The government-controlled bank and Techsnabexport are considering the establishment of a joint venture to operate in the southern African state, one of the world's leading uranium producers, under licenses they already hold and through investment in other companies involved in similar activities in the country.

Namibia expects a reduction in energy supplies from neighboring South Africa in the next three years and forecasts an energy deficit of 300 megawatts. During his visit to Namibia in March, Russian Prime Minister Mikhail Fradkov said Russia was ready to build nuclear plants of different types in the country.

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. It has subsidiaries in Germany, South Korea and Japan, and owns uranium assets in Kazakhstan.

SOURCE: RIA Novosti

DATE: May 17, 2007

Topics: Uranium, Russia, Africa