Russia’s largest aluminium producer, Rusal, has signed a co-operation agreement with China’s Export-Import Bank to finance the company’s multi-million greenfield project in Eastern Siberia.

Rusal and China Exim will collaborate to fund the construction of an up to US$850mn anode (carbon electrodes used to produce aluminium) factory in the Irkutsk region, which will help meet China’s growing aluminium demand.

China Exim vice-president Liange Liu says: “The cooperation with Rusal will be an important step in the further enhancement of Chinese-Russian relations development. In the frame of the signed agreement our companies will co-operate on the anode factory construction project as well as exploring other opportunities of interest in context of developing partnership between the People’s Republic of China and the Russian Federation.”

Rusal adds that China Exim’s support opens new prospects for the involvement of Chinese contractors and companies into the project.

“The construction of the anode factory in direct proximity with the company’s most green and technologically advanced units will further strengthen Rusal’s position in the current competitive environment,” says the company’s first deputy CEO, Vladislav Soloviev.