Russian parliament approves nuclear State Corporation

Publish date: October 11, 2007

Russian parliament's lower house, the State Duma, passed a bill in its first reading on forming a Russian nuclear state corporation “Rosatom”.

The bill on the corporation, which will be formed on the basis of the Russian Federal Nuclear Power Agency (Rosatom) and will have the same name, was introduced to the State Duma October 4th by the Russian President Vladimir Putin and stipulates some amendments in the current Russian legislation.

In line with the bill, Rosatom corporation will be fully controlled by the federal government and will incorporate Atomenergoprom joint stock company, all civilian and military nuclear facilities and enterprises, research institutions, and organizations working in the sphere of nuclear and radioactive security.

Kiriyenko said that the state corporation should be formed in the first quarter of 2008 as the bill on the corporation has a good chance of passing all parliamentary readings by December. "If the bill passes all three readings in November than it can be signed by the Russian president in December," he said.

The property of the corporation will consist of Russian Federation’s property contribution, subsidies from the state budget and special reserve funds, stock company Nuclear Power Generation Complex’s shares as well as shares of the state unitary enterprises, which belong to the Federal Nuclear Agency today.

The management body is the Supervisory Board which consists of nine members (including eight representatives from the president and the government, and the general director appointed by the president). The members of the board will be appointed by the Supervisory board after their presentation by the general director. They will work on the full time basis, Interfax reported.