United Company RusAl, the world's largest aluminum producer, may get a 40 billion ruble ($1.4 billion) loan for 15 years from state development bank Vneshekonombank to complete the delayed Taishet smelter in Siberia.
"RusAl restarted Taishet's construction using its own sources while waiting for VEB's loan approval," RusAl spokeswoman Vera Kurochkina said, confirming an earlier Interfax report.
The Taishet plant, based in the Irkutsk region, is one of RusAl's largest projects. Construction of the 750,000-ton capacity aluminum smelter started in 2007 and the first metal should have been produced at the end of 2009.
As RusAl's profits slumped during the world financial crisis, the company delayed plans to complete the plant. Taishet will produce its first aluminum in 2013, according to RusAl's press office.
VEB's board provisionally approved the financing for the Taishet project, Yekaterina Karasina, a company spokeswoman, said by e-mail. "The terms and conditions of the loan will be discussed at the next board meeting," she said.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
