ADVERTISEMENT

RusAl creates coal and energy JV in Kazakhstan

World

Russia’s aluminum giant United Company RusAl said on Thursday it had agreed with Kazakhstan’s state holding company Samruk on the establishment of a joint venture for coal production in the Central Asian state.

The agreement on the joint venture to develop the Ekibastuzskoye coal field at the Bogatyr and Severny coal mines in the Pavlodar Region in north-eastern Kazakhstan was signed on November 29 in the Kazakh capital. UC RusAl, which was established in March through a merger of Russian aluminum giants RusAl and SUAL, and Swiss Glencore’s alumina assets, said the coal could be eventually used to generate power for metals production. „As a result of the agreement, UC RusAl will transfer a 50% shareholding in its Bogatyr and Severny coal assets to Samruk Holdings.

The assets were transferred to UC RusAl by Access Industries as part of the recent merger of RusAl, SUAL and Glencore. The consideration for the 50% shareholding will be determined by an independent international authority,” RusAl said in a statement. RusAl’s CEO praised the accords signed in Kazakhstan. „A partnership with Kazakhstan is a key milestone in the development of our company as a diversified energy and metals corporation. Our participation in the development of coal and energy projects in Kazakhstan will allow us to expand our energy base and realize new projects, including the extraction of new kinds of raw materials and metal production,” Alexander Bulygin said. UC RusAl is a global aluminum leader accounting for about 12.5% and 16% of global production of aluminum and alumina respectively. The company sells its products in 70 countries worldwide and employs 100,000 people in 17 countries, across five continents. (rian.ru)

ADVERTISEMENT

Rate-setters augur slower decline in CPI in 2022 Analysis

Rate-setters augur slower decline in CPI in 2022

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

Magyar Bankholding chairman to serve as CEO as well Appointments

Magyar Bankholding chairman to serve as CEO as well

ITM, capital gov't agree on support for public transport City

ITM, capital gov't agree on support for public transport

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.