European investments are essential for the construction of the second Bulgarian nuclear power plant in Belene, Prime Minister Boiko Borissov was quoted as saying by Bulgarian national television (BNT) on March 2 2010 during the Sofia energy round-table, Black Sea conference.

In turn, the European energy commissioner Gunter Oettinger said that the Belene project would be integrated within the European strategic energy plan. In another words, he promised to help find the funds required.

"We agree that Bulgaria has to fulfill its energy contracts, but we insist that Europe participates in the scheme," Oettinger said.

Two weeks ago, Russia offered two billion euro investment for the project "until a strategic investor was found," BNT reported. Borissov said, however, that the project cannot be built exclusively with Russian money and that from now on, any such construction will be co-ordinated with the European Commission.

"The European Commissioner said that we will look for European investments for Belene," Borissov said.

"We will continue the construction of this project only if it is tolerated by the European Union. We cannot afford to foreclose on the deal now," Borissov said.

"If we close Belene, this would mean that we will lose up to 200 million euro spent so far, plus we would have to pay a further 600 to 900 million euro in obligations," he added.

"Where would we find this sort of money? The project will go on as I will not put Bulgaria in such debt."

Apart from the construction of the second nuclear power plant in Belene, Borissov also said that he wants two new reactors built in the existing nuclear plant in Kozloduy.

Bulgaria needed so much nuclear power in the future because the existing reactors will be operational until 2030 at which point they would need to be replaced anyway, he said.

On February 26, Bulgarian Economy Minister Traicho Traikov told Question Time in Parliament that Bulgaria would "waste" one billion euro if it scrapped the Belene nuclear power project and would face payment of damages that could reach another billion euro.

"Over the past five years there were only simulated studies, a simulation of guaranteed financing for 51 per cent, but none of this is feasible," Traikov said, as quoted by Bulgarian news agency BTA.

Any new strategic investors would be offered up to 45 per cent by the company that would build and operate Belene, according to the Rosatom proposal. If no investors are found, Bulgaria would keep 51 per cent in Belene and Rosatom would have a stake of 49 per cent.