The agreement is signed by the responsible executors – the Federal Highway Agency and the Federal Railroad Agency and the Federal Energy Agency, by the state customer – the Krasnoyarsk Region’s Administrative Council, and by the Krasnoyarsk Region Development Corporation represented by UC RUSAL, HydroOGK and Vnesheconombank.
 
The Complex Development of Lower Angara Region Investment Project was the first to receive state support from the Russian Investment Fund for the creation of the necessary infrastructure. The project includes completion of the Boguchanskaya Hydropower Plant with a capacity of 3,000 MW, construction of a greenfield aluminium smelter with an annual capacity of 600,000 tonnes, construction of a timber processing complex with a capacity of 732,000 tonnes of cellulose per annum.

The completion of Boguchanskaya Hydro Power Plant and the construction of aluminium smelter are fulfilled in accordance with the cooperation agreement, signed between RUSAL and HydroOGK to jointly build the Boguchanskoye Energy and Metals Complex. By the terms of the agreement, RUSAL and HydroOGK will finance the completion of Boguchanskaya HPP and aluminium smelter construction.

The proprietary and attracted investments into the construction of the industrial objects within the investment project will amount to USD 6,88 bln. The Russia Investment Fund will finance works to create a necessary net infrastructure amounting to USD1.3 bln. The infrastructure construction includes the Boguchanskaya HPP power distribution scheme, the reconstruction and building of the Kansk-Aban-Boguchany-Kodinsk highway, the construction of a railway section between Karabula and Yarky and the construction of a bridge across the Angara river.

The realization of the Lower Angara region integrated development programme will create 10,000 new jobs and will contribute additional tax proceeds to local and regional budgets.

About the companies                                                                                         

OAO HydroOGK is established in accordance with the RF Government’s Order No. 1254-r of September 1, 2003 (as amended October 25, 2004) and is a 100% subsidiary of RAO Unified Energy Systems of Russia. HydroOGK unites 49 Russian hydropower stations and is the world’s largest hydro generating company. In 2006, every 14th kW/h in Russia was produced by HydroOGK’s hydropower plants.

United Company RUSAL is the global leader in the aluminium industry, accounting for approximately 12.5% and 16% of global production of aluminium and alumina respectively. The company was founded in March 2007 through the merger of RUSAL, SUAL, and the alumina assets of Glencore. United Company RUSAL sells its products in 70 countries worldwide and employs 100,000 people in 17 countries, across 5 continents. Website: www.rusal.com

OAO «Corporation of Development of Krasnoyarsk Region» was established in 2006 by four shareholders: Krasnoyarsk Region Administration, OAO HydroOGK, OOO Basic Element and Vnesheconombank.

Vnesheconombank (VEB) is a specialised state financial institution founded in 1924. Vnesheconobank’s top-priority tasks are to render banking support to Russian industrial exporters, to implement large projects in key economic sectors including those targeting infrastructural development, to attract investment to various regions of the Russian Federation and to act as an agent of the Russian Government.

For Mass Media

HydroOGK
Andrey Petrushinin
Tel.: +7 495 540 3012
Petrushinin@gidroogk.ru

UC RUSAL
Vera Kurochkina
Tel.: +7 495 720 5170
vera.kurochkina@rusal.ru