 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
End to India nuclear isolation opens huge market
New Delhi (AFP) Sept 9, 2008 The end to India's nuclear pariah statuspaves the way for atomicfuel and technology sales worth tens of billions of dollars and companies are racing to exploit the market, officials say. A host of companies -- from Westinghouse Electric Co and General Electric of the United States, France's state-controlled Areva to Russia's atomic energy agency Rosatom -- have been jockeying for a slice of India's lucrative civilian nuclear technology market and more are poised to join the fray. "This is a huge business opportunity for India as power is a booming sector requiring maximum investment," Venugopal Dhoot, who heads consumer goods-to-energy firm Videocon Group, told reporters on Monday. Videocon is one of some 40 Indian companiesseeking to negotiate nuclear power joint ventures with foreign firms, said Dhoot, past president of Indian business lobbyAssocham. The Nuclear Suppliers Group (NSG), which controls the sale of nuclear technology, on Saturday cleared civilian nuclear commerce with India -- a key step in sealing the India-USatomic technology accord signed by US President George W. Bush and Indian Premier Manmohan Singh in 2005. The decision -- ending a 34-yearembargo -- gives Indiathe right to buy nuclear reactors from abroad and access to nuclear fuel on the global market. The US-India Business Council, one of the champions of the nuclear pact between New Delhi and Washington, said the NSG's decision could unlock nuclear energy investment in India worth more than 100 billion dollars. "India's existing civilian nuclear power programme generates only 3,500 megawatts of electricity due to lack of access to much-needed fuel," said the group's president, Ron Somers. "India plans to increase this capacity to 30,000 to 60,000 megawatts over the next 20 years by acquiring fuel from the Nuclear Suppliers Group countries for its civilian nuclear energy programme -- at a cost exceeding 100 billion dollars," he said. State-owned Nuclear Power Corp of India Ltd -- the monopoly nuclear power generator -- is readying to place orders that will form the first phase of the country's plan to build 40,000 megawatts of nuclear capacity by 2020, according to Indian media reports. According to US forecasts, India will importat least eight nuclear reactors by 2012. Energy-hungry India, where many areas endure blackouts lasting 12 hours or more, has been denied access to foreign civilian nuclear technology since it tested a nuclear weapon in 1974 and refused to sign the Nuclear Non-proliferation Treaty. The ruling Congress party has been seeking to broaden India's energy sources as it seeks to keepthe country's fast economic growth on track. Currently, thermal fuel provides 70 percent of India's energywhile 20 percent comes from hydro-electricity. Nuclear energy accounts for just two to three percent, which India is aiming to boost to five to seven percent by 2030. Technically, as a result of the NSG's decision, India now is free to trade on the world market. But India said late Monday it would seek to clinch international nuclear deals only after the India-US atomic agreement is cleared by the US Congress. India will "enter into trade with supplying countries through bilateral agreements" after Congress ratifiesit, Foreign Minister Pranab Mukherjee said in New Delhi. The deal has been held up as a high-water mark ofgrowingstrategic ties between Washington and New Delhi. Mukherjee's pledgecame after US Secretary of State Condoleezza Rice urged India not to "disadvantage American companies" should the deal hit a roadblock inthis session of Congress, which winds up at the end of this month. But in the meantime, India can hold informal talks for nuclear reactors.On Monday, a British nuclear power industries delegation arrived in India to explore the market. "We've discussed lots of possibilities for nuclear trade between India and UK," India's Minister of State for Industry Ashwani Kumar said after meeting the delegation. Community Email This Article Comment On This Article Share This Article With Planet Earth
Related Links Civil Nuclear Energy Science, Technology and News Powering The World in the 21st Century at Energy-Daily.com
China welcomes lifting of nuclear trade embargo on India
Beijing (AFP) Sept 6, 2008China said Monday the lifting of a nuclear trade embargo on India reflected the right of all nations to use atomic energy peacefully, while expressing hope it would help non-proliferation efforts. |
|
|
| The content herein, unless otherwise known to be public domain, are Copyright 1995-2007 - SpaceDaily.AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement |
del.icio.us
Digg
Reddit
YahooMyWeb
Google
Facebook