"The decision to withdraw was approved by the board of CEZ," the group's corporate business director in Romania, Adrian Borotea, was quoted as saying.

The company wants to search for other projects in the region with less risk and with the possibility to recover the invested money faster, he added.

Borotea explained that CEZ would withdraw by December from EnergoNuclear SA, the company created for the construction of the two reactors.

The Czech company currently owns 9.15 percent of shares of EnergoNuclear. Belgium's Electrabel, Italy's Enel, Spain's RWE Iberdrola and Luxembourg-based ArcelorMittal are also shareholders, while the Romanian state owns 51 percent.

The estimated cost of the project is four billion euros (5.3 billion dollars).

Cernavoda is a Canadian-designed plant, functioning with natural uranium and heavy water.

Two reactors have already entered into service, the second in August 2007, supplying around 17-18 percent of the country's electricity needs.

earlier related report
Areva admits it was warned about Niger kidnappings
Paris (AFP) Sept 21, 2010 - French nuclear group Areva admitted Tuesday that Niger officials had warned it about an armed group seeking to abduct foreign workers in the desert area where seven expats were kidnapped last week. "We received the letter," a company spokesman told AFP, referring to a letter dated September 1 and published Thursday on Le Monde newspaper's website warning of the threat.

The letter said the security situation in the Arlit region -- where Areva runs uranium mines and where five French nationals, a Togolese and a Madagascan were kidnapped by suspected Al-Qaeda linked militants -- was deteriorating.

It said that on August 23, a group of armed men in a column of eight Toyotas was chased off by Niger's defence forces and prevented from carrying out their their suspected plan to kidnap foreigners and seize military material.

The letter, addressed to Areva directors and the heads of other firms operating in the mining region, was signed by the top Niger official in the Arlit region, Captain Seydou Oumanou.

Areva has been criticised over its security measures for its workers in the west African state. It has denied refusing help from the Niger government to protect workers but admitted it had made security mistakes.

The seven hostages all worked for French companies involved in uranium mining in the Arlit region.

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