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Tuesday, February 3, 2009

UPDATE: Siemens, Russia To Discuss Nuclear Power Cooperation


FRANKFURT -(Dow Jones)- German industrial conglomerate Siemens AG (SI) Tuesday said it has been invited by Rosatom, Russia's state nuclear firm, for talks over possible cooperation.

The news follows the announcement by Siemens that it will exit a nuclear power joint venture it has with French partner Areva SA (CEI.FR))

The invitation was announced during a meeting in Russia between Russian Prime Minister Vladimir Putin and Siemens' Chief Executive Peter Loescher.

"We are ready to move from realizing piecemeal projects to the creation of a full-scale partnership between Siemens and (Russia's state nuclear firm) Rosatom," Putin told Siemens chief executive Peter Loescher in Moscow, the Interfax news agency reported, according to news agency Agence France Press.

Putin and Loescher meeting in Moscow coincided with a Siemens board meeting there.

Last month Siemens said it will leave Areva NP, its joint venture with Areva SA, which was founded in 2001 and in which the German company had a 34% stake. Siemens said it was leaving due its lack of entrepreneurial influence in the venture, which is set to unwind by the end of January 2012 at latest. The French state has a majority stake Areva SA.

Nuclear power is viewed as a growth market for Siemens. The German group said that by 2030 there will be an estimated 400 new nuclear power plants around the globe, representing a total investment of approximately EUR1,000 billion.

Siemens is meanwhile working to improve it ties with Russia. In December, the group said it plans to create a joint venture with Russian Railways to produce locomotives.

"We've been doing business in Russia for more than 150 years and have built outstanding and successful partnerships here which we would like to further intensify," Loescher said Tuesday, according to a statement.

Siemens shares closes Tuesday at EUR43.72, up 1% in a higher overall market.

Company Web site: http://www.siemens.com

-By Archibald Preuschat, Dow Jones Newswires, +49 69 297 25 505, archibald.preuschat@dowjones.com

1 comment:

Anonymous said...

What an Informative Add Up!
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