Polish gov't to buy out nuclear power project venture

The State Treasury is to purchase 100 percent of shares in Poland's special purpose company PGE EJ1, owned by three power firms PGE, Enea and Tauron, and copper company KGHM. PGE EJ1 is to prepare the design and construction of the country's first nuclear power plant.

PGE currently holds a 70 percent state in the special purpose company, with the other three holding 10 percent each.

According to a relevant letter of intent, the companies will sell their shares in PGE EJ1 to the State Treasury by the end of the year.