Nigerian ALSCON judgment may disrupt cooperation with Russia
MOSCOW, July 12 - RAPSI. In holding for the cancellation of the pending sale of Aluminum Smelter Company of Nigeria (ALSCON) to RUSAL, Nigeria’s Supreme court may be disrupting investment and economic cooperation between its country and Russia, the Foreign Ministry's Information and Press Department reported Thursday.
The court canceled the pending sale of ALSCON to RUSAL on July 6.
Moscow has called on Nigerian authorities “to take measures to prevent possible harm to its existing relations with Russia” in connection with the ALSCON judgment.
ALSCON is one of RUSAL’s major African assets. It operates a plant with a 120,000 ton output capacity, a gas fired power plant and a port on the Imo River.
The plant receives its aluminum supplies from the RUSAL-owned Friguia plant in Guinea.
RUSAL purchased the controlling share in ALSCON in 2007.
According to RUSAL’s website, it holds an 85 percent stake in the company. The remaining shares are owned by the Nigerian government and Germany’s Ferrostaal AG.
ALSCON was first launched in 1997 and stopped operating in 2000. After RUSAL acquired the controlling stake, it retooled the plant and put it into operation in 2008. The plant employs 785 people.