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Kuwait, Areva ink nuclear cooperation deal
Source: BI-ME , Author: BI-ME staff
Posted: Fri January 15, 2010 10:58 am
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KUWAIT. Kuwait and France on Thursday signed an initial agreement on nuclear cooperation that includes exchanging expertise on the field, the official news agency KUNA reported.

The agreement encourages the peaceful use of atomic energy to bring in vital energy resources such as electricity, the report said, without providing any details of the cooperation.

Earlier on Wednesday KUNA had reported that Kuwait may be interested in acquiring a stake in France's nuclear giant Areva, citing unidentified industry sources.

"Areva says it needs the capital injection to finance the expected rapid development in the nuclear market," Kuna said.

The news agency added that Anne Lauvergeon, the CEO of Areva, did not give details on ongoing contacts with potential investors, "but industry sources have said that Kuwait could be interested in taking a stake in Areva".

Lauvergeon reportedly said Wednesday that the talks taking place with potential partners are at a government-to-government level and that a number of partners were involved.

In March, Deputy Prime Minister and Minister of Defence Sheikh Jaber Moubarak Al-Hamad Al-Sabah said Kuwait will cooperate with France in the field of nuclear power, hinting it could take a stake in the nuclear group Areva.

The Financial Times also said in March that the French government was considering opening the share capital of Areva to Middle Eastern investment funds with a view to reinforcing its political influence and the nuclear group's prospects in the region.

Exploratory talks had been held about the possibility of sovereign wealth funds buying minority stakes of 1%-5% in Areva, which is majority owned by the French government, the FT said, citing people close to the matter.

In February, Sheikh Sabah told daily newspaper al-Watan, Kuwait was considering developing nuclear power with the help of a French company to meet demand for electricity and water desalination.

In June, French Finance Minster Christine Lagarde, speaking after a meeting with Kuwait's ruler Emir Sheikh Sabah al-Ahmad al-Sabah, said the two sides discussed capital partnerships between French firms and the Kuwaiti government in the field of nuclear energy for civilian use.

Kuwait plans to appoint an international adviser to study a possible investment in Areva, which may be financed by the US$1.1 billion profit made by the Kuwait Investment Authority from the sale of its stake in Citigroup last year, Al-Jarida newspaper reported on January 10.

"Executives at Areva also confirmed to KUNA that the company had sent delegations to Kuwait to discuss future cooperation and Kuwait has expressed an interest in acquiring civil, nuclear energy from the French company," KUNA said.

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

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