International Atomic Energy Agency and the Russian Federation have signed Sept. 17 an implementing agreement on the transportation of low enriched uranium (LEU) and equipment necessary for the functioning of the IAEA’s LEU Bank in Kazakhstan, RIA Novosti reported.
The agreement has been signed by Oleg Kozin, Deputy General Director for Logistics of Techsnabexport JSC, and Mark Bassett, IAEA LEU Bank Project Executive.
The signing has taken place on the sidelines of the IAEA General conference, which is held in Vienna on September 17-21.
The low enriched uranium is the starting material for the production of fuel for nuclear power plants. The IAEA LEU Bank is one of the mechanisms to ensure the guaranteed supply of nuclear fuel to different countries in case of violation of the existing mechanisms of such supplies. This reserve, in fact, will become an inviolable stock, which will be in demand only in the event of a crisis in the global uranium market.
The bank is located on the territory of Ulba Metallurgical Plant in Ust-Kamenogorsk city in the north-east Kazakhstan. The building of the bank was opened in August 2018.
In accordance with the previously signed agreement, the IAEA will bear the costs of acquisition, delivery, and maintenance of low enriched uranium. It will also bear the costs of importing and exporting low-enriched uranium and the costs of payment of taxes, duties and charges.
In turn, Kazakhstan will bear the costs associated with the direct storage of IAEA’s low-enriched uranium, including the payment of electricity and heating supply fees, necessary office space rental fees and costs of maintenance of the personnel provided by Kazakhstan; the costs associated with the displacement of the bank within Kazakhstan for the country’s own needs.
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