Worley Parsons to manage Armenia's $5bn nuclear plant project 20...

Worley Parsons to manage Armenia's $5bn nuclear plant project


20 May 2009 - Armenia is going to construct a new nuclear power plant in place of its Metsamor nuclear plant by the start of 2011, Energy and Natural Resources Minister Armen Movsisian said, with Australia's Worley Parsons set to manage the project.

The projected capacity of the new nuclear plant will be 1000 MW to 1200 MW, which would be more than double of Metsamor's sole operating reactor that generates more than 40 per cent of Armenia's electricity. The Soviet-built Metsamor reactor is due to be decommissioned in 2017.


"According to preliminary estimates, the new atomic block will cost approximately $5 billion," Movsisian said. "A more precise figure will emerge after the completion of design works."

Movsisian said, "In my opinion, the construction work will start at the end of next year or at the beginning of 2011."

Last week, the Armenian government has announced Worley Parsons, an Australian engineering company, as the winner of an international tender for the right to manage the ambitious project. The two sides are due to hold negotiations and sign a related contract soon.

"The next step will be to design the future block, after which we will enlist and select potential investors," said Movsisian. "That will be followed by the design work and the construction process itself." The company that will carry out the construction will be chosen in a separate tender, Movsisian said.




This is a huge coup for Worley and we will see a significat appreciation in share price in recognition of this.