Russia will provide financing for the expansion of Hungary 's only nuclear power plant under a deal signed Tuesday, Janos Lazar, head of the prime minister's office, said.

Hungarian Prime Minister Viktor Orban is visiting Moscow Tuesday at the invitation of Russian President Vladimir Putin to discuss economic developments over the past year.

The intergovernmental deal involves building two 1,200 megawatt units at a cost of 10 billion-12 billion euros ($13 billion-$15.6 billion) at Hungary 's state-owned nuclear plant MVM Paksi Atomeromu Zrt., said Mr. Lazar, speaking at a press conference in Budapest .

 Russia will provide a 30-year loan covering 80% of the construction costs, with Hungary financing the rest.

Mr. Putin met for talks with Mr. Orban at his residence in Novo-Ogaryovo, near Moscow . The Russian premier said at the start of the talks that a series of documents were being prepared in Moscow for signing that it was hoped would contribute to the further development of ties between the two countries, Hungarian state news agency MTI reported.

The two new units will be constructed by Russian state-owned nuclear energy firm Rosatom.

"The Russian technology is the safest for Hungary as it would be nonsense to bring different technology to an existing Russian set-up," Mr. Lazar said.
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