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Rosatom Seeks to Build Reactor

State nuclear company Rosatom said it would submit a proposal to Finnish Fennovoima's owners on building a nuclear reactor that would begin production in 2024, allaying fears over the project's viability after the exit of key investor E.ON.

Fennovoima consortium said it aims by the end of this year to sign deals on the reactor and Rosatom taking a 34 percent stake in the project.

Fennovoima board chairman Pekka Ottavainen told a news conference he expected shareholders, which include some 60 Finnish companies, to decide in October if they will continue with the project.

Fennovoima is planning a new nuclear reactor in Pyhajoki, northern Finland, to secure cheap energy for its owners including stainless steel maker Outokumpu and retailer Kesko.

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