The Chernobyl nuclear plant has signed a contract with the French group Novarka to design, build and implement the a new security sarcophagus for the reactor that exploded more than 20 years ago, according to the electronic publication

The value of the contract amounts to 505 million euro with a five year deadline.

The document was signed in Kiev on Monday by the general manager of the plant, Igor Gramotkin and the president of Novarka, Pierre Berger in the presence of the Ukrainian president, Viktor Yushchenko and the president of the European Bank for Reconstruction and Development, Jean Lemierre.