Deripaska to head En+ Group
MOSCOW. June 27 (Interfax) - Oleg Deripaska is going to become head of the En+ Group, which manages his assets, En+ reported on Thursday.
Meanwhile, Deripaska, who is also the head of Russian aluminum company UC Rusal, will continue to act as the En+ Group's president.
"Today En+ is faced with important challenges connected with developing the industry and economy of Siberia, strengthening cooperation with its Asian partners, and raising business efficiency, which is especially important in today's unstable situation on global markets," Deripaska is quoted as saying in the En+ statement.
Deripaska will be replacing Artem Volynets, who has headed up the En+ Group since 2010. Volynets' contract expires this month.
Rusal generates the lion's share of En+'s revenue, and the group also includes En+ Downstream (manages the Krasnoyarsk Metallurgical Plant and the Dmitrov Can Tape Test Plant), coal companies (Vostsibugol, Tuva Mining Company and Erchim-Tkhan), ferromolybdenum and copper concentrate producer Soyuzmetallresurs, energy holding EuroSibEnergo, and the transport and logistics subdivision En+ Logistics.
En+ Group increased its consolidated revenues, excluding intra-group turnover, by 12% to $15.3 billion in 2011. The company does not disclose its profit and debt.
VTB Capital became a minority shareholder in En+ back in 2011 by purchasing 4.35% of the holding from Basic Element (BasEl) for $500 million. En+ used the proceeds to pay back its debt to VTB . En+ was valued at $11.5 billion for the deal with VTB.