Kazatomprom; Areva join forces to market nuclear fuel

Comment: Taking advantage of the poor!

The pair are aiming at the Asian market

Posted: Tuesday , 06 Oct 2009

ALMATY (Reuters) -

France's Areva (CEPFi.PA: Quote) and Kazakh state nuclear company Kazatomprom said on Tuesday they were setting up a joint venture to market uranium fuel and were considering joint production.

The venture, IFASTAR, will research the Asian market for nuclear fuel and run a feasibility study for a project to produce fuel in Kazakhstan, the companies said in a statement.

Areva will have a controlling stake in IFASTAR.

"This confirms the strategy of Areva and Kazatomprom, the companies producing about 30% of global uranium output, to strengthen positions in Asia," the companies said in a joint statement.

They said planned joint nuclear fuel production at the Kazakh Ulbinsky plant would be handled by a separate venture and Kazatomprom would have a controlling stake in it. (Writing by Olzhas Auyezov; Editing by Greg Mahlich)

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