Interfax quoted Mr Vladimir Dmitriev VEB chairman said the supervisory board of Vnesheconombank (VEB) on Wednesday approved an increase in financing for the Boguchany Aluminum Smelter from RUB 21 billion to RUB 47 billion.

He said that the board considered the issue of expanding financing for the Boguchany Aluminum Smelter increasing production to 300,000 tonnes of aluminum instead of the previously planned 150,000 tonnes.

He added that "The budget for the project is growing, but certain elements there will need to be worked out with the organizers of the project with both Rusal and RusHydro (RTS: HYDR)."

Mr Dmitriev said however, conceptually the approach was supported.

Source - Interfax

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