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Toshiba Agrees to Start Discussions on Establishing JV for Enriched Uranium Sales with a Russian Enterprise

9 Feb, 2011

TOKYO—Toshiba Corporation (TOKYO-6502) today announced that it will start discussions on establishing a joint venture for sales of enriched uranium with Joint Stock Company Techsnabexport (TENEX), a group company of Russia's Atomenergoprom (AEP), which supervises Russia's civilian nuclear power generation businesses and is a part of State Corporation Rosatom.

Toshiba and TENEX are involved in continuing discussions on possible cooperation in the nuclear fuel business under a May 2009 memorandum of understanding. In order to contribute to stable and secure supply of enriched uranium to the expanding nuclear power market, the parties have now agreed to start discussions on establishing the JV that will draw on the complementary capabilities of the companies: TENEX's supply of enriched uranium and Toshiba Group's nuclear fuel supply chain.

In March 2008, Toshiba and AEP signed a General Framework Agreement on the possibility of partnerships in diverse fields, as among them the front-end civilian nuclear fuel cycle business, construction of commercial nuclear power plants and manufacturing and maintenance of large equipment. Toshiba and AEP continue to discuss possible collaboration.

"The Agreement between the Government of Russia and the Government of Japan Concerning Cooperation in the Peaceful Use of Atomic Energy", that is currently awaiting final ratification in Japan, will seek to promote cooperation between Russia and Japan in the peaceful use of nuclear energy and to contribute to stable energy supply.

Cooperation between Toshiba and any Russian parties will be strictly limited to the peaceful use of nuclear power within the framework of cooperation between the two countries' governments, as well as the international framework for peaceful use of nuclear power. Any future technology exchanges will be conducted in accordance with the international agreement and national legislation enacted in the relevant countries.

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