China Advances Global Nuclear Ambitions With Argentina Deal
Beijing seeks to improve its international presence in nuclear technology
BEIJING—China struck a deal to
build a nuclear reactor in Argentina and the agreement could result in
more than 30 billion yuan (about $4.7 billion) in equipment exports, Chinese official media said.
The deal comes as China seeks to bolster its international presence in nuclear technology, where it hopes to someday export homegrown reactors.
The official Xinhua News Agency said this week that state-controlled China National Nuclear Corp. signed a commercial contract to build Argentina’s fourth nuclear power plant. The heavy-water reactor will be based on a Canadian technology called Canada Deuterium Uranium, or Candu.
State-run Industrial & Commercial Bank of China Ltd. , China’s largest bank by assets, will provide financing, which will cover 85% of the cost, according to Argentine and Chinese officials.
The two sides also struck a framework agreement—which is more tentative—for a long-discussed second reactor based on Chinese technology. Argentine officials said the two projects would require a total of about $15 billion in financing if the second project advances.
The second reactor would be based on a Chinese technology called Hualong-1, which China hopes will someday compete with reactors made by U.S. nuclear giant Westinghouse Electric Co. and French rival Areva SA . In April, China’s State Council, or cabinet, approved construction of the first Hualong-1 reactor.
Xinhua said the two sides hope to sign an agreement to begin construction on the second reactor in the coming months.
China has been broadening its presence in the global nuclear industry. In October, state-controlled China General Nuclear Power Corp. agreed to take about a one-third stake in the Hinkley Point nuclear-power project in the U.K.
The deal comes as China seeks to bolster its international presence in nuclear technology, where it hopes to someday export homegrown reactors.
The official Xinhua News Agency said this week that state-controlled China National Nuclear Corp. signed a commercial contract to build Argentina’s fourth nuclear power plant. The heavy-water reactor will be based on a Canadian technology called Canada Deuterium Uranium, or Candu.
State-run Industrial & Commercial Bank of China Ltd. , China’s largest bank by assets, will provide financing, which will cover 85% of the cost, according to Argentine and Chinese officials.
The two sides also struck a framework agreement—which is more tentative—for a long-discussed second reactor based on Chinese technology. Argentine officials said the two projects would require a total of about $15 billion in financing if the second project advances.
The second reactor would be based on a Chinese technology called Hualong-1, which China hopes will someday compete with reactors made by U.S. nuclear giant Westinghouse Electric Co. and French rival Areva SA . In April, China’s State Council, or cabinet, approved construction of the first Hualong-1 reactor.
Xinhua said the two sides hope to sign an agreement to begin construction on the second reactor in the coming months.
China has been broadening its presence in the global nuclear industry. In October, state-controlled China General Nuclear Power Corp. agreed to take about a one-third stake in the Hinkley Point nuclear-power project in the U.K.
—Lilian Lin contributed to this article.
