RUSAL and Ministry of Economic Development Sign Co-Operation Agreement
OREANDA-NEWS. October 17, 2012. UC RUSAL (SEHK: 486; Euronext: RUSAL/RUAL; Moscow Exchange: RUALR/RUALRS), the world’s largest aluminium producer, announces the signing of a co-operation agreement with the Ministry of Economic Development of the Russian Federation on realization of RUSAL’s joint projects with Chinese partners.
In particular, the Ministry of Economic Development and RUSAL plan to work closely within the framework of a potential joint venture with the Chinese partners to build an aluminium smelter in Siberia with an estimated design capacity of 800,000 tpa, with hydropower as the primary energy source.
In accordance with the agreement, the Ministry of Economic Development will provide RUSAL with consultancy and informational and organizational support for the realization of the Company’s projects. Such support will include assistance in establishing contacts with foreign governments, inclusion of respective issues on the agenda of the intergovernmental commissions and of various bilateral meetings, preparation of respective “roadmaps”, updates on the economic situation, advice on business issues, as well as participation and support in the negotiations.
RUSAL, in turn, will provide the Ministry of Economic Development with all the information and suggestions in relation to any activities aimed at developing closer co-operation with the Chinese government and businesses, as well as with trade missions.
The agreement was signed by Mr Andrei Belousov, Minister of Economic Development of the Russian Federation, and by Mr Vladislav Soloviev, First Deputy CEO of RUSAL.
“We have constantly confirmed that China is a priority market for RUSAL’s development. The signing of the agreement with the Russian Ministry of Economic Development aims to reinforce our joint efforts to increase the presence of Russia in the region. We understand that despite the challenging economic situation globally, now is the time to lay the foundation for development of Siberia and the Far East, as these regions will be driving Russia’s growth in the years ahead,” Mr Vladislav Soloviev, First Deputy CEO of RUSAL, commented on the agreement.
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