$1.2Bln Hydro Project
April 20, 2004
MOSCOW - Owners of No. 2 aluminum maker SUAL are offering to help Unified Energy Systems build a $1.2 billion hydroelectric plant in exchange for a stake in the project, Vedomosti reported Thursday.
KES, owned by SUAL's controlling shareholder, Renova, proposes to cooperate in construction of the Boguchansk plant, designed to produce 3,000 megawatts of electricity, the KES general director told the newspaper.
KES's proposal comes as SUAL competes with larger Russian Aluminum for power supplies needed to power new smelters, analysts said, according to Vedomosti.
UES currently has 65 percent of the Boguchansk project, and Basic Element, which controls RusAl, has 25 percent, Vedomosti said. UES and Basic Element are in a dispute over financing for the plant, the paper said. |
