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23 Feb, 2008 01:10

Russian business looks to Africa

Russian companies are getting more active in Africa. Gazprom has signed a production sharing agreement with Libya’s National Oil Corporation to explore the Gadames deposit in the North African country. Also, Rusal has re-launched Nigeria’s Alscon smelter.

Gazprom is planning to invest $US 100 million in the project.

It is already involved in the Libyan gas sector, with a $US 200-million project underway in the Mediterranean.

Meanwhile, aluminum giant Rusal has re-launched Nigeria’s Alscon smelter.

Rusal plans to modernise the plant, bringing it up to a capacity of 197,000 tonnes by the end of the decade.

The project involves dredging the Eemo River and will cost a total of $US 300 million.