Japan's Itochu pulls out of Turkish nuclear power plant project

Japanese trading house Itochu is pulling out of a 4,500MW nuclear power plant project in Sinop, Turkey, over a surge in safety-related costs. The move casts uncertainty over the plant's future as well as the Japanese government's infrastructure export ambitions.

A consortium including Itochu and Mitsubishi Heavy Industries had been conducting a feasibility study. Initially, 30% of the project's cost was planned to be covered by the consortium and 70% by loans from the Japan Bank for International Cooperation and other lenders. The consortium was expected to be 51% owned by Mitsubishi Heavy, Itochu and French electric utility Engie, and 49% by others entities, including the Turkish Electricity Generation Corporation.