The Russian uranium mining company TVEL has confirmed interest in research and exploration of deposits in Bulgaria . Petr Lavrenyuk, vice president of TVEL, explains for Russia 's newswire RIA Novosti that the company has not made yet detailed analyses on the economic viability of potential uranium production in Bulgaria but has set up a joint entity with local partners to run initial research works. As previously mentioned by Bulgaria 's energy minister Rumen Ovcharov, the company is considering options for restoring activities in closed uranium mines or running research works at new sites. According to Ovcharov, similar plans are presented by a Canadian investor. The interest of TVEL is apparently motivated by the recent decision in favour Russia 's AtomStroyExport for building a EUR 4bn nuclear plant in the Bulgarian northern town of Belene . Development of local uranium deposits will reduce the cost of fuel supplied to the running nuclear power plant in Kozloduy and will provide another argument in favour of the planned investments in Belene. Energy minister Ovcharov has meanwhile estimated that Bulgaria has some 12,000 tonnes of uranium deposits that could cover local demand for a period of 20 to 30 years.