TENAM CORP: Russian Nuclear Company's First Office in the United States

Oct 21, 2010, 13:01 ET from TENEX

WASHINGTON, Oct. 21 /PRNewswire-USNewswire/ -- Techsnabexport (TENEX) is set to open its first subsidiary in the United States. TENAM Corp, a fully owned subsidiary of TENEX, will have their Washington D.C. office opening on Thursday, October 21. TENEX, a Russian Joint-Stock company, is a leading global supplier of nuclear materials and nuclear fuel cycle services. TENAM is the fifth overseas subsidiary of TENEX, joining TENEX-Korea Co. (Seoul), TENEX-Japan Co. (Tokyo), Internexco GmbH (Frankfurt) and Tradewill Limited (London).

TENAM Corp. will support, expand and supplement TENEX's business in the US.  TENAM Corp. will work more directly with American nuclear power providers, allowing the company to establish strong ties with US customers so that they can respond quicker and more efficiently to consumer needs.  TENAM Corp. will work in the North and South American markets in coordination with TENEX.

The US is the largest nuclear fuel market in the world, with the largest growth potential. Currently TENEX provides about half of the low-enriched uranium (LEU) needed to fuel nuclear power plants in the country. To meet US power needs, TENEX has been supplying USEC Corp. with LEU that is downblended in Russia from military-origin highly enriched uranium. The terms outlining this agreement are set to expire in 2013.

In February 2008, the State Corporation "Rosatom" and the US Department of Commerce signed an Amendment to the Russian Suspension Agreement, which provides the legal framework and allows commercial supplies of Russian LEU directly to US utilities from 2011 under certain terms and conditions.

TENEX has already signed 10 long-term Enriched Uranium Product supply contracts with 8 US utilities exceeding US$4.3 billion and is aiming to expand its operations in the USA and beyond.

Company Overview

1) Name: TENAM Corporation

2) Address: 5335 Wisconsin Avenue, NW, Suite 950, Washington, DC 20015

3) Business activities

  • Sales and marketing of EUP/SWU (enrichment services)
  • International trade

4) Date of incorporation:  May 17, 2010, Maryland, USA

5) Board of Directors:

President:  Mr. Vadim Mikerin

Chairman of Board of Directors: Mrs. Liudmila Zalimskaya

For reference

JSC "Techsnabexport" (TENEX) - is one of the largest global suppliers of nuclear fuel cycle products and services, currently providing more than 40% of the western-design nuclear power plants requirements in uranium enrichment services. TENEX is a subsidiary of the State Corporation 'Rosatom' and has been operating in the world nuclear market for 47 years.