OREANDA-NEWS. July 8, 2009. The net profit totaled 29.93bln RUR against 5.83bln RUR in 2007, the net assets – 65.26bln RUR against 34.88bln RUR a year before.

TVEL fulfilled all of its contractual obligations to supply nuclear fuel to Russian and foreign commercial and research reactors.
 
In 2008 the company carried out a number of measures to retain its positions among the world’s four biggest nuclear fuel suppliers and paved the way for further development. TVEL signed a strategic contract with Slovenske elektrarne (Slovakia) and reached agreements on market-oriented prices with partners from Eastern and Central Europe. Hungary and Ukraine started preparations for transition to the fuel of the second generation for WWER-440 reactors.

In 2008 TVEL continued successfully implementing the TVS-Kvadrat project: the company made contracts with 11 out of 31 US nuclear operators, reached agreements with legal and technical consultants and presented the project at Elemash.

Last year TVEL entered the markets of zirconium components and regenerated uranium. The company carried out all necessary preparations for the signing of a contract to supply nuclear fuel semi-products to India. TVEL was the first to offer India mutually beneficial terms after the lifting of restrictions on that country.

In 2008 the company’s general industrial sales on the domestic and foreign markets totaled 5.6bln RUR (107% of the plan). The sales of calcium and lithium in Western Europe, the United States and South Korea totaled \\$14mln and \\$9mln, respectively.

In 2008 TVEL continued its New Image program and the program to develop its subsidiaries till 2020. The company earned 858mln RUR as a result of the implementation of its Complex Industrial Development and Cost Reduction Program.

As a socially-oriented company, TVEL complies with the international information disclosure standards. TVEL’s annual report contains information about the company’s social liability in line with Global Reporting Initiative.

The annual report 2008 of TVEL OJSC was approved by Atomenergoprom OJSC on June 30 2009.