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India’s NTPC $2.81 billion power plant may face supply issues from Russian entities -minister -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A signboard from NTPC (National Thermal Power Corporation Limited), can be seen outside the office of the corporation in Mumbai, India. July 23, 2018. REUTERS/Francis Mascarenhas

NEW DELHI, (Reuters) – India’s power minister indicated that the $2.81 billion NTPC Ltd coal-fired power station, currently being constructed in India, could face problems with Russian supply.

Raj Kumar Singh explained to parliament that the project of 2,000 megawatts being constructed in eastern Bihar is dependent upon Russian entities for both technical advice and materials.

The names of Russian companies involved in this project were not revealed by him.

Russian companies may have to stop importing balance equipment/material. Singh explained that it is possible for engineers or technical advisors to Russia to be prevented from visiting projects.

Singh said also that Russian banks being excluded from SWIFT International Payments System meant there was difficulty with payments and the renewal of bank guarantees.

Following the Russian invasion in Ukraine, late February, several Russian banks were removed from SWIFT’s messaging system. This is a major system that underpins global financial transactions. Russia calls its actions in Ukraine a “special operation.”

($1 equals 75.9000 Indian rupees).

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