Siemens and Rosatom, the regulatory body of the Russian nuclear complex, have signed a memorandum of understanding to create a joint venture for nuclear energy.

The joint venture plans to push ahead with further development of Russian pressurized water reactor technology. It also intends to handle marketing and sales, and the construction of new nuclear power plants as well as modernization and upgrades of existing plants.

The joint venture may take up business opportunities along the entire nuclear conversion chain from fuel fabrication to decommissioning of nuclear power plants. In the next step, the parties will negotiate the terms and conditions of the co-operation, with Rosatom holding the majority stake of 50% plus one share in the joint venture.

Peter Loscher, president and CEO of Siemens, said: With this agreement we see a great opportunity based on our long-term successful co-operation to enlarge our footprint in nuclear business with a very strong and experienced partner. As an essential part of a sustainable energy mix, nuclear power will play an important role in low-CO2 power generation.