En+ set to start coal project with Shenhua in Russia
Artem Volynets, the chief executive of En+, told the South China Morning Post on the sidelines of the Boao Forum that he would visit Siberia and the far east region of Russia to select sites for the project this year.
En+ Group, the energy resources conglomerate controlled by Oleg Deripaska, is about to start a feasibility study for a project it is jointly developing with Shenhua Group.
The project is expected to produce millions of tonnes of coal for China, the world's largest coal-consuming country.
Artem Volynets, the chief executive of En+, told the South China Morning Post on the sidelines of the Boao Forum that he would visit Siberia and the far east region of Russia to select sites for the project this year.
En+ signed an agreement with Shenhua, the world's largest coal producer, and China Development Bank during President Xi Jinping's visit to Russia last month. They will invest US$2 billion on coal mining, build basic transport infrastructure, develop or improve port facilities in the far east region and handle the transport and sale of coal.
"We were in talks with several Chinese coal producers and finally chose Shenhua, because it's the most experienced company, capable of developing large projects," Volynets said.
We were in talks with several Chinese coal producers and finally chose Shenhua, because it's the most experienced company, capable of developing large projects
Rusal, the world's largest aluminium producer and a subsidiary of En+, also signed a memorandum with Aluminium Corp of China last month to jointly work on technology innovation, mining resources development and investment.