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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.
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.