Can Russian billionaire Deripaska `Go West`?

Russian aluminum tycoon Oleg Deripaska is competing with Roman Abramovich for the title of Russia's richest man. He's the head of the world's largest aluminum-making company RUSAL and numbers 40 on the Forbes' list of World's Billionaires.

The figure of Mr Deripaska is shrouded in intrigue. He firmly planted his flag on the business map of the world approximately seven years ago.

RUSAL was formed through merging aluminum mining and processing facilities in the year 2000. Since then, shares in the company held by self-exiled oligarch Boris Berezovsky, former media mogul Badri Patarkatsishvili and governor of Chukotka Roman Abramovich have been bought by Oleg Deripaska – who now owns at least 75% of the firm.

And with the merger of RUSAL, their once main competitor SUAL and Swiss commodities trader Glencore in 2007, the united company now accounts for 16% of the world’s aluminum production.

With his stake in General Motors and widespread rumours of an investment in car parts giant Magna International, some say Deripaska's plans of going West are nothing short of huge.

RUSAL workers

“Someone told me it is a dream of his, to build a world-class automobile industry in Russia. If so, he needs to get expertise in the West. He needs to acquire technology, know-how, managerial skills. And the best thing to do is to buy all these, especially if you super-rich,” says Fred Weir, Christian Science Monitor correspondent.

Meanwhile, some reports say Mr Deripaska has recently been refused entry into the United States, So the road to achievement may not be one smooth ride. It is these politically tough transatlantic waters that every Russian businessman has to swim through. Oleg Deripaska, however, may find it tougher than others.

“He would gladly give up all of his holdings to the state. That may sound like a very patriotic thing but it’s an extremely odd thing for a businessman to say. And this excites suspicion. There have been worries raised if Deripaska buys assets in the West, they could end up in the hands of the Russian government,” explains Fred Weir.