Platts - Tuesday, February 22, 2005 
http://www.platts.com

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Bush says backs European effort to stop Iran's nuclear program

Dubai (Platts)--21Feb2005

US President George W. Bush said Monday the US supported the EU's efforts to
resolve diplomatically a dispute over Iran's nuclear power program and said
the diplomatic initiative was still at an early stage. While not ruling out
any option to deal with Iran, Bush called on Iran's government to heed the
desire of its people for freedom. "The time has come for the Iranian regime to
listen to the Iranian people and respect their rights and respect the move
toward liberty," Bush said in a televised speech in Brussels at the start of a
tour of European countries.

This story was originally published in Platts Global Alert
http://www.globalalert.platts.com

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Westinghouse gets Ex-Im loan guarantees for China reactors

Washington (Platts)--18Feb2005

Westinghouse received U.S. Export-Import Bank backing for nearly $5-billion in
loan guarantees, on a preliminary basis, to support the company's bid to build
four reactors in China, the bank said today. The bank board of directors'
preliminary approval can be made final after a financial package is completed,
the bank said. Westinghouse Electric Co. requested "a combination of
guaranteed and/or direct loans of up to almost $5-billion to support export
sales" to construct two advanced PWRs at each of two nuclear stations (Sanmen
and Yangjiang), the bank said. Westinghouse faces "aggressive competition,"
the bank said. Westinghouse, based outside Pittsburgh, is owned by British
Nuclear Fuels plc (BNFL), but is believed to be for sale imminently as the
U.K. government changes BNFL's focus to a domestic cleanup mission. The bank's
action may make Westinghouse more attractive as a strong contender for the
Chinese work. Westinghouse's primary competition in China is Framatome ANP
Inc., a subsidiary of France's Areva.

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