Bulgaria's EconMin Says Belene N-Plant Project Adviser HSBC To Get Only 30% of Agreed Fee

Bulgaria's EconMin Says Belene N-Plant Project Adviser HSBC To Get Only 30% of Agreed Fee

Bulgaria's economy minister said the country will pay only 30% of the 2.4 million euro ($3.14 million) fee agreed with global banking group HSBC for advising the construction of Belene nuclear power plant project.

The payment will correspond to the work done by the consultant until the government decided to abandon the project, local news daily Dnevnik quoted Delyan Dobrev as saying in Parliament.

Last week Bulgaria decided to halt the construction of the nuclear plant, choosing instead to add a new 1,000 megawatt (MW) reactor to its existing nuclear power station in Kozloduy.

The Belene project, launched in the late 1980s, had been frozen for nearly two decades before Bulgaria hired Russia's Atomstroyexport in 2008 to build the 2,000 MW power plant. However, little progress was made due to pricing disagreements between Bulgaria and Russia.

A year ago Bulgaria hired global banking group HSBC to advise the project.

The contract with HSBC allows Bulgaria to terminate it without having to pay the adviser compensations, state-run Bulgarian News Agency quoted Dobrev as telling the MPs during question time in Parliament on Friday.

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