ERLANGEN, Germany, March 6 (UPI) -- Germany's Siemens announced it signed a deal with Russia's Rosatom to create a nuclear joint venture.
The memorandum of understanding suggests the new venture would address development of Russian pressurized water reactor technology.
"With this agreement we see a great opportunity based on our long-term successful cooperation to enlarge our footprint in nuclear business with a very strong and experienced partner," said Peter Loscher, president and chief executive of Siemens AG. "As an essential part of a sustainable energy mix, nuclear power will play an important role in low-carbon dioxide power generation."
The venture would also upgrade existing plants and build new plants.
The agreement also said the venture would handle sales and marketing and could eventually take on business opportunities along the whole nuclear-conversion chain.
Rosatom will hold the majority stake with 51 percent.
In a more finalized agreement, the two will develop the specific terms and conditions before their next meeting.
