The JSC Atomenergoprom and Toshiba Corporation have agreed to carry out joint activities on the market of nuclear fuel cycle products and services in Japan and other countries in Asia (of non-exclusive nature). For these purposes the Parties consider establishing the Joint Venture which will be engaged in deliveries of nuclear fuel and its components.

The parties will strive to maximum use their existing potential; jointly develop market infrastructure elements improving the level of assured deliveries for national energy security. In this context the parties are working on the issue of establishing guarantee stockpiles of low-enriched uranium at the sites of nuclear fuel fabrication. In addition, the JSC Atomenergoprom and Toshiba Corporation have agreed to launch detailed studies of potential joint construction on the territory of Japan or other country of uranium enrichment plant based on the Russian technology.

Both parties have also agreed to commence the joint study on improvement of Russian Nuclear Power Plant design process and construction technology to shorten the construction period. Furthermore, for the manufacturing arena, agreement has taken place to continue the study for establishing the partnership on manufacturing for power generation systems.

Director of the JSC Atomenergoprom Vladimir Travin noted that these arrangements are a logical follow-up of the ideas underlying the Framework agreement between the JSC Atomenergoprom and Toshiba Corporation signed in March 2008 within the frame of which successful negotiations were held during 2008. He considers these arrangements a convincing example of possible mutually beneficial cooperation between Japanese and Russian companies in nuclear fuel cycle the potential of which is steadily developing in connection with signing an Agreement on Peaceful Use of Nuclear Energy between Russia and Japan.

President of Toshiba Corporation Mr. Atsutoshi Nishida noted that this step would not only considerably strengthen the positions of the JSC Atomenergoprom and Toshiba Corporation on the market of nuclear fuel cycle products and services, but also greatly contribute to global nuclear development. We are also pleased to serve for further development of Japan - Russia relationship and for prevention of global warming which is substantial issue.

SOURCE: JSC Atomenergoprom

DATE: March 19, 2009

Topics: NFC, Russia, Asia, Japan, Toshiba