The Belene nuclear power project should be given a chance but without the state committing any taxpayers’ money, said Bulgarian Economy, Energy and Tourism Minister Traicho Traikov.

Speaking to Nova Television on September 15, he explained that the power station could be built without any commitments on the part of the Bulgarian government.

In an interview for Dnevnik on September 14, Traikov said the state is weighing its options of limiting its stake from 51 per cent to 20 per cent to make room for smaller investors in the project. Bulgaria could accept a 3.8 billion euro export loan from Russia provided that it comes in the form of project funding.

The Belene scheme will cost around 10 billion euro, according to its consultants, Traikov said. This is a staggering increase on the initial price tag of four billion euro laid down in the construction agreement. An extra two billion euro will be added to make up for inflation, additional building work and higher material prices. Another 1.3 billion euro from the expected increase will come from infrastructure development and grid-connection costs among other expenses of the owner. Financing during construction works will cost another two billion euro, according to Traikov.

Speaking to Darik radio on September 13, Prime Minister Boiko Borissov said that no one can pin down the real cost of the Belene project.

Genadiy Tepkyan, vice-president of contractor AtomStroyExport, watered down the latest estimates, saying the scheme will cost up to six billion euro. The Russian side confirmed it will seek damages if Bulgaria balks out of the project. Traikov said the damages laid down in the contract stand at around 800 million euro.