Russia strikes deal to build nuclear plants in Hungary

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Rosatom, Russian nuclear power giant has reached a deal to construct two new nuclear reactors in Hungary, the Hungarian foreign minister has said.

The plants will gulp €12.5bn (£10.6bn; $12.4bn) and will be largely financed by Russia. The consummation of the deal comes even as many EU states are trying to shed off their dependence on Russia for supply of energy.

The deal, reached between Russia and the EU state in 2014, aims to expand the existing Paks nuclear plant which currently generates 40% of Hungary’s electricity supply.

It is anticipated that the nuclear reactors will be ready for service by 2030.

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