Westinghouse, Bulgarian Gov't Paraph Unit 7 Agreement

US-based company Westinghouse and the outgoing Bulgarian cabinet have sealed a shareholders' agreement on the expansion of nuclear capacities at the Kozloduy NPP.

The agreement, alongside all other documents regarding the prospective construction of the nuclear plant's Unit 7, will require the approval of the next elected government and will come into force in October at the earliest.

Danny Roderick, CEO of the Toshiba subsidiary, assured that the latest step would help his company to provide Bulgaria with the the world's "state-of-the-art" nuclear technology.

Ministers gave the green light to the agreement on Wednesday, when they held their last cabinet meeting before a caretaker government assumes office on August 6.

The preparation and approval of a Financial model agreement and an Engineering, Procurement and Construction (EPC) contract will also be required for the Shareholders' agreement to enter into force.

Earlier this week, Westinghouse CEO Danny Roderick visited Bulgaria to meet key government representatives.

Roderick revealed on Tuesday that a final deal on the construction of Unit 7 is expected next year, during the tenure of the next elected government.