29 May 2004 12:24
Russia, Kazakhstan set up joint aluminium company
Text of Anna Pavlova's report and published by Kazakh newspaper Ekspress-K on 28 May
A new company producing aluminium has been set up in Kazakhstan. It is a joint venture of Russia's leading
producer of aluminium, RusAl, and the Kazakh holding, the Eurasian Industrial Association. A memorandum on setting up
the Eurasian aluminium company was signed in Moscow on 26 May.
The company's shares will be divided equally between the Russian and Kazakh sides. The creation of the Eurasian
aluminium company would make it possible to build two plants - aluminium and aluminium oxide plants. The first
plant's capacity is 500,000 t a year and the capacity of the second one is 1.5m t per annum.
The construction of the first plant is planned to start in about one and a half years and it will take no more than
three years.
It will take six years to implement the whole project and 3bn dollars will be invested in it.
"The creation of such a company for Kazakhstan means not only new world enterprises, where about 9,000 people
will be employed, but it also means a way to international aluminium market. Partnership with the RusAl company, one of
the world's leading producers of aluminium, will give a strong impetus to the development of Kazakhstan's
entire industrial potential. We hope that other Russian companies will follow the same cooperation, by creating joint
ventures in Kazakhstan's various industrial areas," Aleksandr Mashkevich, who signed the memorandum on behalf
of the Eurasian Industrial Association, said.
The Russian side also thinks that the project is profitable.
"This huge project is attractive to RusAl because it is a serious step towards the implementation of our
country's strategy to increase the production of aluminium and aluminium oxide," RusAl Director-General
Aleksandr Bulygin said after signing the memorandum.
[Ekspress-K] |
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