The recently established Russian Uranium Mining Company would examine the possibility to extract uranium in Bulgaria, Russian News and Information Agency RIA Novosti reported.

The company's interest was provoked by the selection of Russian Atomstroyexport's as the executor of Belene nuclear power plant project.

Pyotr Lavrenyuk, vice president of Russian fuel producer and supplier TVEL said that if the "uranium production proves to be economically attractive, the project will be launched."

TVEL and the state-owned uranium trader Tekhsnabexport merged on November 2 2006 to establish the new Uranium Mining Company, RIA said.

Russian uranium production equals nearly eight per cent of world production. Up to 90 per cent of Russia's nuclear sector profit was due to nuclear fuel, power and services export but the country was seeking to import more uranium fuel, RIA said.

Russia's Federal Atomic Energy Agency head Sergei Kiriyenko said in mid-September 2006 that Russia must replace natural gas with nuclear energy as the country's coal and natural gas deposits would be depleted in the coming 50 years.