* Fennovoima signs investment decision on reactor
* Russia's Rosatom owns 33 pct, option to buy more
* Sees no harm from Western sanctions
* Concerns over Finnish owners as majority stake required
By Jussi Rosendahl
HELSINKI, April 15 A Finnish-Russian plan to
build a nuclear reactor in western Finland will not be at risk
from international sanctions imposed over the Ukraine crisis, a
Rosatom executive said on Tuesday.
Russia's state-owned nuclear company Rosatom said last month
some of its international contracts could fall under the
political curbs. Britain had already said it would review its
pact with the company after Russian forces seized Ukraine's
However, Rosatom envisages the 4-6 billion euro ($5.5-8.3
billion) Finnish project, in which it has agreed to take a
33-percent stake, will proceed as planned - even though
questions remain over ownership on the Finnish side of the deal.
"It's out of political issues ... all decisions are made
according to business issues," Anastasia Zoteeva, the vice
president of Rusatom Overseas - the export arm of Rosatom - told
a news conference in Helsinki.
"I don't see any political issues in that sense ... when you
think about business, common sense always wins."
Fennovoima, owned by Rosatom and some 40 Finnish companies
such as steel firms Outokumpu and Rautaruukki
, on Tuesday finalised the contracts ready to build
the 1,200-megawatt reactor at Pyhajoki.
However, an announcement last month by retailer Kesko
that it was quitting the consortium has raised
concerns that the plant, scheduled to start operating in 2024,
may not meet the level of Finnish majority ownership required by
Kesko's departure would effectively drop the confirmed
Finnish ownership below 50 percent, but Pekka Ottavainen, the
chairman of Finnish owners' co-operative, said he was still
counting Kesko in.
"We have a slightly different view on who is aboard and who
is not," he told reporters, citing Kesko's earlier commitment to
He also said he was looking for new investors with an aim to
boost the Finnish holding up to the full 66 percent and added
that several companies were mulling the investment.
If no new investors showed up until summer, Rosatom has an
option to increase its holding to 49 percent, he said.
Kesko was not immediately available to comment.
($1 = 0.7238 euros)
(Editing by Alison Williams)