Kazakhstan has signed an agreement to set up a nuclear fuel bank in Oskemen.

The country will operate the bank which will be a physical reserve of Low Enriched Uranium (LEU) for International Atomic Energy Agency (IAEA) Member States.

It follows the project announcement made last month.

LEU is the basic ingredient of nuclear fuel. The bank will act as a supplier of last resort for Member States in case they cannot obtain LEU on the global commercial market or otherwise.

“It will not disrupt the commercial market”, the IAEA, which is an organisation which promotes the peaceful use of nuclear energy, said.

The fuel bank will reserve up to 90 metric tons of LEU – enough to power a large city for three years.

IAEA Director General Yukiya Amano said: “I am confident the IAEA LEU Bank will operate safely and securely in line with the applicable IAEA nuclear safety standards and nuclear security guidance.”