HydroOGK/RUSAL paid up participation in JV.

HydroOGK and RUSAL paid up their participation in JV on Boguchanskaya GES within the project aimed to build Boguchansky Energy Metallurgic Amalgamation (BEMO), the company informed.

In particular, HydroOGK transferred its share (64.23%) in GES to the Cyprus-based wholly owned sub of HydroOGK - HydroOGK Power Company Limited; thne the stake was transferred to BoGES Ltd . as JV with RUSAL.

It is aimed to reach the target model of the management provided over the BEMO project, in particular, to invest the building of Boguchanskaya GES.

RUSAL transferred its share in GES (29%) plus money and notes in the volume of $110mln. Thus, JV will have 100% in Boguchanskaya GES. JV is set up at par; both parties having 50%. Now similar scheme will be used to set up JV on Boguchansky Aluminium Plant.

In Cyprus Balt. Ltd. has been registered but it lacks still sufficient volume of assets. In this Company HydroOGK and RUSAL will have 50% as well.

In May 2006 two above companies announced about the signing of the agreement on cooperation to build Boguchanskoe Energy Metallurgic Amalgamation. The volume of funding will reach 10bn rub. in 2007; 5bn being invested in the building of the aluminium plant.

HydroOGK was registered in 2004. The share capital is worth 140.954bn rub. split in 140954759856 common stocks of 1 rub. par. Now HydroOGK is a sub of UES as the most powerful generating companies in Russia. It involves 49 hydro power plants with 23.3 GW in the capacity (second after Canadian Hydro Quebec).

RUSAL is a world leader in the aluminium production sector. The products are exported to 70 countries. It covers 12.5% on the world aluminium production market and 16% of aluminum. The Company was founded in Mar. 2007 on the basis of the merger of RUSAL, SUAL and Glencore International AG. RUSAL has 66%, SUAL - 22%, Glencore - 12%.