Russia’s state-owned nuclear corporation has at least 18 new nuclear projects underway at home, but is cutting its investment programme by nearly 50% this year due to “poor economic conditions”.

The company said the projects are in “various stages of implementation” throughout Russia, and do not count the more than two dozen under construction overseas in places including Bangladesh, India and Turkey. Projects are also in the early stages in Kazakhstan and Uzbekistan.

In an article published in the company’s in-house magazine, Rosatom director-general Alexey Likhachev said the company aims to increase revenues to $51.3bn (€44.9bn) by 2028 – a nearly 18% increase from this year. Improving profits, however, means reducing costs by 5% that same year.

Likhachev also said Rosatom would strive to cut operating costs by 10% within the next 18 months.