ČEZ acquires ŠKODA JS, solves problem with OMZ supplies

Published: 30.11.2022 Related countries:  Korea (south) Korea (south)

Czech power giant takes steps to limit impact of Russia sanctions

ČEZ Group has become 100% owner of ŠKODA JS, a Czech nuclear energy company. With the purchase, ČEZ has solved the problem of its major supplier, which several years ago became part of the Russian engineering group OMZ, controlled by Gazprombank. This left the company vulnerable to sanctions, which had a potential impact on securing key supplies for ČEZ's nuclear power plants. The agreement was concluded in June 2022 and the shares were temporarily held by WOOD & Company, pending approval of the transaction by the antitrust authorities in the Czech Republic, Hungary, Slovakia, and Ukraine.

Source: CIA News
Prepared by the team of foreign office CzechTrade and CzechInvest Seoul