Sellafield, the nuclear processing site in Cumbria, is one step nearer to private ownership following agreement on a £20 billion deal with a private sector consortium.

Nuclear Management Partners, a consortium comprising of groups such as Amec and Areva, is due to take over the facility later in 2008.

Commenting on the move, Amec chief executive Samir Brikho said the agreement is a "major step" towards the creation of a new parent body at the complex.

"The programme also provides us with a great opportunity to engage with the skilled nuclear talent which exists in Sellafield," he continued.

Stephen Henwood, chairman of the UK Nuclear Decommissioning Authority, added that the deal will secure world-class operations on site and offer value for money to taxpayers.

Sellafield has been in public ownership ever since it was established in 1947, under the name Windscale.