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President Klaus Iohannis promulgated on Friday the law approving the signing of the Support Agreement between the Romanian state and the National Company "Nuclearelectrica" - SA for the Cernavoda Nuclear Power Plant (NPP) Units 3 and 4 Project.
According to the explanatory memorandum of the normative act, "the purpose of the agreement is to establish the effective modalities of cooperation between the parties, by establishing commitments and obligations of the Romanian state regarding the provision of the necessary measures for the financing of the project, the implementation and adoption of support measures, including legislative measures. The agreement also establishes that the parties shall negotiate and conclude subsequent implementation contracts in accordance with the principles set out in the agreement."
Each side shall bear its own costs and expenses incurred in connection with the preparation, printing and negotiation of this agreement, according to another stipulation.
The law also stipulates that in the event that, during the course of the Cernavoda NPP Units 3 and 4 Project, it is necessary to amend, supplement or, as the case may be, eliminate some of the clauses of the Support Agreement, the parties shall negotiate and agree on additional acts to it, which shall be approved through Government decision and shall take effect from the date of its entry into force.
Moreover, the procedure for the selection of investors in the project company that will develop the Cernavoda NPP Units 3 and 4 Project, as well as the shareholders' agreement, as well as any other amendments or additions to some of the clauses of the shareholders' agreement, shall be approved through a Government decision.
