Baltiysky Zavod drops appeal against impounding world’s first floating nuclear power plant

Publish date: October 20, 2011

The Russian Legal Information Agency has reported that the Baltiysky Zavod shipyard has dropped its appeal against a court decision to impound the world's first floating nuclear power plant, which it is helping to build, World Nuclear News reported.

But proceedings continue in order to determine whether ownership of the nearly complete vessel lies with the shipyard or Rosenergoatom, the nuclear power plant operating wing of Rosatom, Russia’s state nuclear corporation.

In June, Baltiysky Zavod started dealing with bankruptcy proceedings, and Rosenergoatom was concerned that its investment might be lost if its floating nuclear power plant, the Akademik Lomonosov, was seized by a third party to cover debts following the collapse of the International Industrial Bank, which owns a 90 percent share in the shipyard.

Rosenergoatom convinced the Court of Arbitration of St. Petersburg to take temporary possession of the ship in mid-August, WWN reported.

Turbogenerators have already been installed aboard the Akademik Lomonosov and the shipyard has received the two 35 MW KLT-40S nuclear reactors, which are intended to eventually provide heat and electricity to the town of Vilyuchinsk, on the Kamchatka Peninsula in Russia’s far east, said WWN.

Currently registered to Baltiysky Zavod, Rosenergoatom claims to have paid for the vessel’s construction and is seeking to have it re-registered in its own name.

But Roman Trotsenko, president of United Industrial Bank, has reportedly contended that only the first tranche of 1.5 billion rubles ($48.4 million) has been made and that up to 5 billion rubles ($160 million) is needed for completion. In August, a spokesman for Rosatom claimed that the plant remains on track to be commissioned in 2012, WNN reported.