Russian Financial Control Monitor

MOSCOW. Russia’s national development lender Vnesheconombank (VEB) is in talks with South Korea's Posco steel major on strategic investment in Amurmetal, a troubled smelter in the Russian Far East. VEB took over the plant in repayment of a nonperforming loan during the 2009 economic downturn. Posco's involvement in the smelter would be the first major foreign investment in the country's steel industry, Kommersant business daily reported citing sources close to the probable deal. Posco has previously displayed interest in Russian steel production Amurmetal is the largest metal producer in Russia’s Far East and the region’s only to smelt steel and immediately make rolled sheets out of it. The plant’s capacity amounts to about 2mn metric tons of steel per year.

KALININGRAD. Russian electric power trader Inter RAO UES intends to build a 800 MW coal-fired power plant in the Kaliningrad Region on the Baltic Sea. The project cost, including grids and infrastructure facilities, amounts to RUR2bn ($60.4mn, or €45.2mn), a high-ranking source in the company said. According to preliminary plans, contractors are to use Russian-made equipment and machinery for the project, including those produced by the Power Machines, the country’s largest power plant engineering company. Detailed analysis of the project may be prepared within three months.

2023-10-08 11:42:18