Interfax
Aug 17 2004
Bayerische Landesbank allocating over $50 mln for Armenal overhaul
Yerevan. (Interfax) – The German bank Bayerische Landesbank has
agreed to provide more than $50 million in financing for a
modernization program at Armenal aluminum foil plant in Armenia.
Negotiations with German insurance company Hermes, which will cover
the program should wrap up within a month, General Director at
Russian Aluminum (RusAl) Alexander Livshits announced at a Monday
press conference in Armenia.
On top of the German bank’s input, RusAl will itself be contributing
$20 million as working capital, Livshits said. Of that, $1.5 million
has already been spent on project preparations and readying the plant
for modernization, he said.
Armenal will get a factory for making aluminum foils with maximum
thickness of 0.57mm.
After the Armenal modernization work is completed, the plant will be
put into operation in 2005, Livshits said.