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Kazakhstan’s President Nursultan Nazarbayev meets Russia’s metal tycoon Oleg Deripaska

11 june 2011, 15:23
0
Oleg Deripaska ©RIA Novosti
Oleg Deripaska ©RIA Novosti
June 10 Kazakhstan’s President Nursultan Nazarbayev met Russia’s oligarch Oleg Deripaska, Tengrinews.kz reports, citing the Press Service of the Kazakhstan’s President. Mr. Deripaska briefed the President on the JV between Samruk-Energo [state-run power company of Kazakhstan] and RUSAL, the world's largest aluminium and alumina producer, at the Bogatyr coal mine in Kazakhstan.

“The JV has decided to introduce advanced technology with a view of boosting coal production output by 20%. We have also come up with technical solutions to decrease hazardous emissions almost 40 times”, the Press Service quoted Mr. Deripaska as saying.

According to the Economist Intelligence Unit , Bogatyr, the largest open-pit coal mine in the world, is located in Ekibastuz in the north-eastern region of Kazakhstan. It has total reserves of 4.5bn tonnes. The mine is managed through a joint venture between the state holding company, Samruk-Kazyna, and a Russian firm, UC Rusal. It operates under the name Bogatyr Coal (amended in March 2009 from Bogatyr Access Komir), which was set up in 2008 after Rusal transferred 50% of its deposit to Samruk-Kazyna for a sum of US$345m. The joint venture intends to increase production to 60m tonnes annually.

President Nazarbayev and Oleg Deripaska also discussed plans of future investment projects.

“We have discussed issues related to machinery building (…) We are considering a memorandum to launch an assembly facility manufacturing railway cars. A JV is to be launched following the approval of the memorandum. In the first 1.5 years we plan to only assemble railway cars, with the entire manufacturing process to be launched later on”, the Russian businessman said.

Mr. Deripaska also pointed out that the Presidents of Kazakhstan and Russia had opened a new page in the bilateral relationship of the two nations, putting in place a single market within the Customs Union.
“The single market compels businesses to strengthen their competitive edge, securing greater efficiency. Kazakhstan has many favoring factors: rich raw materials, auspicious investment climate and tax policy, wide state support”, he believes.

Deripaska is the sole owner and CEO of Basic Element, a diversified investment company established in 1997, with assets in Russia and abroad. Basic Element's main assets are concentrated in five sectors: energy, manufacturing, financial services, construction and aviation. The major assets include United Company RUSAL the world's largest aluminium and alumina producer, GAZ Group automotive company, Ingosstrakh, the country's oldest insurance company, Bank SOYUZ, Aviakor aircraft manufacturer, Russian-Asian Investment Company, EuroSibEnergo, an investment and energy supply company, Glavmosstroy, a planning and construction company. According to Forbes , Deripaska's fortune is estimated at $16.8 billion.

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