RUSSIAN COMPANY MODERNIZING ALUMINIUM PLANT IN ARMENIA

Mediamax news agency
16 Aug 04

YEREVAN

“Armenal will become the best plant in Europe for the rolling and
production of aluminium foil.”

This is what the deputy general director of the Russian company Rusal,
Aleksandr Livshits, said today in Yerevan at a briefing on his meeting
with Armenian President Robert Kocharyan, Mediamax reports. Rusal owns
the Armenal enterprise, set up on the basis of Yerevan’s Kanaker
aluminium plant.

Aleksandr Livshits said that 70m dollars would be invested in
modernizing Armenal. Of this, 50m is provided by credits from a group
of German banks and 20m is invested directly by Rusal.

In 2002, Armenal produced 5,500 t of aluminium foil and in 2003 9,000
t. Livshits said that after modernization the annual volume of foil
production would reach 25,000 t.

Rusal’s deputy general director said that Armenal’s modernization
would be finished by 2005.