OREANDA-NEWS. October 2, 2009. There is high possibility that Rosatom State Nuclear Energy Corporation and Siemens will set up a joint venture by the end of this year, a source from Rosatom told journalists on Thursday.

“There is high possibility that the agreement will be signed this year. The negotiations are well underway and we have no serious contradictions with the management of Siemens,” the source said.

In Mar 2009 Siemens and Rosatom signed a memorandum of intention to set up a joint production of equipment for nuclear power plants. Before that Siemens announced its secession from its JV with French Areva.

Minister of Energy of Russia Sergey Shmatko believes that this cooperation will give Russia contracts worth tens of billions of EUR. This summer he said that Siemens and Rosatom would sign the JV deal by the end of the year.