OREANDA-NEWS. June 27, 2012. Russian aluminium producer Rusal has signed a cooperation agreement worth USD 850 million with the Export-Import Bank of China to finance Rusal's greenfield project in Eastern Siberia, the company said Tuesday.

The agreement foresees the possibility of joint cooperation on the financing of the project for construction of a new anode factory in the Irkutsk Region, Siberia.

The main consumer will be Rusal's aluminium smelters in Eastern Siberia, which are able to meet China's growing demand for aluminium, Rusal said.

Rusal's first deputy CEO, Vladislav Soloviev, said: "The construction of the anode factory in direct proximity with the company's most green and technologically advanced units will further strengthen Rusal's position in the current competitive environment. We welcome China Eximbank supporting this project."

China Eximbank's participation in the project opens new prospects for the involvement of Chinese contractors and companies, Rusal said.

"In the frame of the signed agreement our companies will cooperate on the anode factory construction project as well as exploring other opportunities of interest in the context of developing partnership between the People's Republic of China and the Russian Federation," China Eximbank vice president Liange Liu said.