United Company Rusal, the world's largest producer of aluminium and alumina, said it has signed an agreement with French energy giant Areva to form a 50-50 joint venture in Russia that will produce electrical equipment for aluminum smelters.
Located in Yekaterinburg on the base of the Russian Power Engineering Co, over the next 5 years the venture is expected to produce and deliver 500 mln usd worth of equipment for the modernisation of existing operations and expansion programmes as well as for greenfield aluminium smelters, Rusal said.
The joint ventures products are planned to be initially supplied to the Sayanogorsk Aluminium Smelter, where RA-400 and RA-500 pots are being installed, and to the Bratsk Aluminium Smelter for its modernisation, the Russian company said.
The overall cost of Rusal's electrical equipment requirements up to 2011 are expected to reach just under 1 bln usd, it said.
Financial details of the joint venture were not disclosed.
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