Vi Holding signs agreement on cooperation with Chinese Zhongfu Industrial
MOSCOW. Dec 17 (Interfax) - Vitaliy Machitski's Vi Holding and Chinese aluminum maker Zhongfu Industrial have signed an agreement on cooperation, Vi Holding said in a statement.
The agreement was signed in Beijing on Thursday in conjunction Prime Minister Dmitry Medvedev's meeting with his Chinese counterpart. The agreement was signed by Vi Holding board chairman Valery Krasnov and Zhongfu Industrial's He Huaqing.
"The agreement stipulates provision to the Chinese company of comprehensive organizational, technological and consultative support with the goal of completing construction of the second line of the plant for producing high-tech milled product from aluminum alloys and its promotion on international markets," the press release says.
It was reported earlier that Vi Holding plans to complete construction and fully start up a plant in Henan province for production of hot- and cold-rolled product from aluminum alloys with capacity for 600,000 tonnes and 400,000 tonnes respectively, to be used subsequently in specialized products. Investment in the project will total $1 billion.