On 2 April, Turkey granted a strategic investor status to Rosatom’s subsidiary Akkuyu Nükleer, an owner of the Akkuyu construction project.
The company received a strategic investor certificate from the country’s Ministry of Economy pursuant to the national law amendment act that came into force on 27 March 2018 after approval by the Turkish parliament.
The strategic investor status provides tax benefits to the company. In particular, Akkuyu Nükleer will be exempt from customs duties and pay income tax and value added tax at a reduced or zero rate.
“Akkuyu Nükleer’s special status will have a positive impact on cost efficiency of the project and make the company more attractive for Turkish and international investors,” says Anastasia Zoteeva, CEO of Rusatom Energy International (a majority shareholder in Akkuyu Nükleer).
According to the project design, the Akkuyu nuclear plant will have four VVER-1200 reactor units. The Russian-Turkish agreement provides for the plant to be built under the BOO (Build – Own – Operate) model. Akkuyu Unit 1 is scheduled to be commissioned within seven years after Turkey issues all permits required to proceed with the nuclear plant construction. On-site construction operations at Unit 1 began on 3 April.