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Publicatie Laka-bibliotheek:
MEMORANDUM; Subject: K2/R4 Nuclear Completion Project in Ukraine (1997)

Auteur	Bankwatch
Datum	maart 1997
Classificatie	2.41.8.20/01 (OEKRAÏNE - K2/R4)
Voorkant

Not confidential

Kl/R4 Completion Projects

1. INTRODUCTION

This document describes some of the key issues of concern regarding the proposed
Khmelnitsky 2/Rivne 4 (K2/R4) nuclear reactor project in Ukraine for consideration 
by the EBRD Board of Directors in advance of the Board Workshop scheduled for 
March 25, 1998. The paper reviews the economic due diligence process and public 
participation under the EIA undertaken to date, as well as the major safety issues at
K2/R4. It argues that K2/R4 cannot be deemed least cost, financially viable, nor safe, 
and that to date, the project's environmental impact assessment (EIA) and public 
participation processes (PPP) have not been in full compliance with EBRD 
Environmental Procedures.

K2/R4 were deemed uneconomic by an EBRD-commissioned Independent Panel 
of experts in February 1997. The Panel was established to undertake the least cost 
assessment of the project. Despite the Panel's explicit recommendation not to proceed 
with the project, new economic studies have been commissioned. Given both the
Panel's clear mandate and unambiguous conclusions, the commissioning of new 
reports raises serious doubts regarding the Bank's desire to procure a fair and 
impartial opinion on this matter.

It is clear, and this paper will show, that the project will not fulfil all the four 
criteria laid out by EBRD President Jacques de Larosiere in 1996 on least cost, 
financial viability, safety up to western standards, and acceptable EIA and PPP. 
Larosiere defined those criteria are as follows:

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