SE NNEGC Energoatom and the Canadian company Cameco agreed on commercial terms to supply natural uranium hexafluoride through 2035. The state-owned corporation reported this on Telegram. The Canadian company will start supplying the fuel in 2024.
According to the announcement, Cameco will meet 100% of Energoatom’s need for uranium hexafluoride (consisting of uranium and conversion services). The fuel will be delivered to the reactors of the Rivne, Khmelnytskyi, and South Ukraine NPPs throughout the effective period of the contract.
Petro Kotin, president of Energoatom, emphasized that this cooperation will ensure the stable supply of nuclear fuel to Energoatom. He noted that key commercial terms had already been agreed upon, but the contract itself was yet to be approved.
The contract will also provide for an option for Cameco to supply the fuel requirements for the six reactors at the Zaporizhzhia nuclear power plant. However, this will only be possible after the plant is back under Energoatom’s control.
Context. In 2021, Cameco accounted for 9% of global uranium production. Cameco is one of the world’s largest producers of natural uranium and conversion suppliers.
Before Russia’s full-fledged invasion, half of Ukraine’s nuclear fuel needs were met by Russia, and another half by the American company Westinghouse. Since then, Energoatom has stopped purchasing fuel in Russia and instead relies on its own reserves to meet its needs.
On February 6, the Verkhovna Rada voted to turn Energoatom into a joint-stock company.