12 Jul 2012 09:24

VEB to double financing for Boguchany Aluminum Smelter to 47 bln rubles

MOSCOW. July 12 (Interfax) - The supervisory board of Vnesheconombank (VEB) on Wednesday approved an increase in financing for the Boguchany Aluminum Smelter from 21 billion rubles to 47 billion rubles, VEB chairman Vladimir Dmitriev told reporters after the board meeting.

The board "considered the issue of expanding financing for the Boguchany Aluminum Smelter, increasing production to 300,000 tonnes of aluminum instead of the previously planned 150,000 tonnes," he said.

"The budget for the project is growing, but certain elements there will need to be worked out with the organizers of the project, with both Rusal and RusHydro ," Dmitriev said.

However, conceptually the "approach was supported," Dmitriev said.