RUSSIA STILL ARMENIA’S MAJOR TRADE AND ECONOMIC PARTNER

Arka News Agency, Armenia
Jan 9 2007

YEREVAN, January 9. /ARKA – Novosti-Armenia/. Russia remains Armenia’s
major trade and economic partner of Armenia.

According to the 2006 annual report of Armenia’s Minister of Foreign
Affairs Vardan Oskanyan, Armenian-Russian commodity turnover totaled
$376.9mln in January-November 2006 ($300mln in 2005).

The modernization of the "ARMENAL" plant (completed in 2006) was one
of the major projects in the bilateral cooperation, says the report.

The ARMENAL CJSC joint venture was founded in 2000 on the basis of
the Kanaker Aluminum plant (KanAZ) with participation of the "Ruskiy
Aluminum" Company (RUSAL) and "KanAZ" OJSC.

Since January 2003, RUSAL has held 100% of ARMENAL shares.

The "RUSAL ARMENAL" foil-rolling plant was re-operated on October 26,
2006, after two-year-long and $70mln worth modernization. The factory
currently produces 25,000 tons of foil every year.