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Nuclear energy

Kazakhstan's Kazatomprom Signs Memorandum with Slovakia's SEAS for Uranium Exports

Strategic Insights

— 1 min read

Kazakhstan's national nuclear company, Kazatomprom, has made significant strides in its expansion into the European uranium market with the signing of a memorandum of understanding with Slovenske elektrarne a.s. (SEAS), Slovakia's largest electricity producer. The agreement paves the way for the potential supply of natural uranium concentrate and uranium dioxide to fuel Slovakia's nuclear reactors, strengthening cooperation between the two energy firms. This new agreement follows recent deals with European energy providers, underscoring Kazatomprom's growing presence in the region.

Key Takeaways:

  • Kazatomprom has signed a memorandum of understanding with SEAS, Slovakia's largest electricity producer, to supply uranium fuel for Slovakia's nuclear reactors.
  • The agreement outlines the potential supply of natural uranium concentrate and uranium dioxide, with the goal of identifying additional areas of long-term cooperation between the two energy firms.
  • SEAS operates two nuclear power plants, Bohunice and Mochovce, which generate over 70% of Slovakia's electricity.
  • The controlling 66% stake in SEAS is held by Slovak Power Holding, while the remaining 34% is owned by the Slovak government.
  • Meirzhan Yusupov, Chairman of the Board of Kazatomprom, highlighted the importance of strengthening cooperation with European partners and emphasized the long-term potential of the partnership.
  • Branislav Stricek, CEO and Chairman of SEAS, emphasized the need to diversify nuclear fuel sources and expressed confidence in the long-term potential of partnering with the world's largest uranium producer.
  • Kazatomprom maintained its position as the leading global producer of natural uranium in 2024, accounting for 21% of total output, with a net profit of $2.1 billion and a 95% year-on-year increase.

Statistics:

  • Kazatomprom produced 21% of the world's natural uranium in 2024.
  • The company's net profit reached $2.1 billion in 2024, marking a 95% increase year-on-year.
  • Kazakh uranium is exported to markets across China, Southeast Asia, Europe, and the Americas.
  • SEAS generates over 70% of Slovakia's electricity.
  • Kazatomprom has signed several recent deals with European energy providers, including Axpo Power AG and CEZ.

Sources:

  • Kazakhstan's national nuclear company, Kazatomprom.
  • Slovenske elektrarne a.s. (SEAS), Slovakia's largest electricity producer.
  • Slovak Power Holding.
  • Slovak government.
  • Meirzhan Yusupov, Chairman of the Board of Kazatomprom.
  • Branislav Stricek, CEO and Chairman of SEAS.
  • The Times of Central Asia.
  • Axpo Power AG.
  • Kernkraftwerk Leibstadt AG.
  • CEZ.

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