Chief of the government-controlled Rostekhnologii, Sergei Chemezov, on the photo, has found a partner for his mining projects.
Photo: Sergey Shakhidzhanyan
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Chemezov Teamed Up with Vekselberg
Chief of the government-controlled Rostekhnologii that is currently established on the assets of Rosoboronexport, Sergei Chemezov has found a partner for his mining projects. It emerged that a division of Rosoboronexport created a 50/50 venture with Renova’s owner Viktor Vekselberg, which will be Rostekhnologii’s operator for a number of foreign capital-intensive projects.
Rosoboronexport and Renova set up a pari passu venture, Rusinvestpartner, in the fall of 2007, a source close to Rostekhnologii said. “The list of projects to be transferred to the company hasn’t been determined yet. Nowadays, for instance, the negotiations are underway so that Rusinvestpartner gets into the capital of Zabaikalie Development Corp.,” the source specified, adding that exactly Rusinvestpartner will probably get the stocks of VSMPO-Avisma that the state corporation is going to sell (Rosoboronexport controls 66 percent overall) and become the asset management company for Russia’s-Mongolian Erdenet (the transfer of Russia’s stake of 49 percent to Rostekhnologii is being negotiated).
Renova confirmed the alliance with Rostekhnologii Friday. Renova spokesman Andrei Shtorkh said they are choosing the projects. “First of all, it will be metallurgy and mining,” he pointed out. Renova has similar projects already – Manganese Kalahari in South Africa, Uralplatinaholding (with Kara-Baltinsky Mining Plant) in Kyrgyzstan, Kamensk-Urals Steel Works, Fedorovo titano-ferrite deposit in Ukraine. But neither the South African project nor Uralplatinaholding will be contributed to the venture, Shtorkh said.
Rusinvestpartner was incorporated October 2, 2007. The 50/50 founders are Renova Prognoz and Vysokie Tekhnologii R Consortium, where Rosoboronexport holds 51 percent.
Viktor Vekselberg is not only the money, said Lehman Brothers senior analyst Vladimir Zhukov, but also experience of managing such big projects as RUSAL or Koryakgeoldobycha as well as the vast industry’s experience both in Russia and overseas. With regard to large-scale lobbying opportunities of Sergei Chemezov, the alliance could become the strategic one, the analyst forecasted.
www.kommersant.com
All the Article in Russian as of Feb. 11, 2008
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