Japanese Conglomerates to curtail nuclear export projects

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Japanese Conglomerates to curtail nuclear export projects

Japanese Media reported this month, that, the Japanese Conglomerates like Mitsubishi Heavy Industries & Toshiba, had planned to withdraw themselves form the nuclear export projects in Britain & Turk. If it has to happen, the nuclear newbuild industry would become wide open to Chinese and Russian state-owned companies, as Western private nuclear firms have been struggling to compete.

Earlier this month, a Japanese Media confirmed that, the Mitsubishi Heavy Industries was prepared to discard their Nuclear Project in Turk, Sinop, as the cost estimates had been nearly doubled to $44 billion, over the course of past few years.

Last week, Hitachi was reported to root out its Horizon Nuclear Project in UK, worth roughly $26.2 billion, as the cost estimates had grown larger than the anticipated level. Apart from these two incidents, the Toshiba had liquidated its project in Britain this year.

None the less, Hitachi had been seeking new investors for Horizon to cut their stakes below 50 percent. However, according to a company spokesman, the project would not be profitable on such conditions. Referring to UK’s Brexit issue, a Hitachi executive said, “The political situation makes it impossible for the government to take action now ...

but there are limits to how long Hitachi can wait”, as Hitachi had been waiting for the government to help regarding their nuclear project on Britain. As Japanese prospect remained pendulous, the global nuclear market is now virtually in the hands of two Chinese reactor builders and Russia’s Rosatom.