Boguchansky Aluminium Plant

Several Russian companies and federal agencies have signed an agreement to invest a total of U.S. $8.1 billion in the Boguchansk industrial project in Russia's Krasnoyarsk Region, Russian aluminum major United Company RUSAL said in a press release Tuesday. UC RUSAL, hydropower company HydroOGK and state-owned Vnesheconombank will invest a total of $6.8 billion in completing the construction of the Boguchansk Hydropower Plant, an aluminum smelter, and a timber-processing complex, UC RUSAL said. The investment figure includes the companies' own funds as well as borrowed funds. Three federal agencies and the Krasnoyarsk Region's Administrative Council signed the agreement. The governmental bodies will invest $1.3 billion from the federal Investment Fund for the Boguchansk project, including power distribution network development and highway and railway construction, UC RUSAL said. RUSAL and HydroOGK signed an agreement on the project's joint development in May 2006. United Company RUSAL was formed in March through a merger of Russian aluminum majors RUSAL and SUAL and Swiss commodities trader Glencore’s alumina assets.