ALSCONAluminium Smelter Company of Nigeria
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In the consent award of 15 October 2014 the tribunal confirmed the parties agreement to the effect, inter alia, that the share purchase agreement between the Company and the respondents of 3 February 2006 ( SPA ) is valid, binding, and in full force and effect according to its terms; that under the SPA the Company acquired full legal and beneficial title to the relevant ALSCON shares free and clear of all encumbrances; and that the respondents counterclaims are dismissed.
Since the acquisition of ALSCON shares, RUSAL has put great efforts into turning the smelter, which had previously sat idle for 10, years into a modern, technologically advanced manufacturing enterprise.
It is not only ALSCON that is affected, but our power plants are being affected by the non-availability of gas.
But, the Director, Public and Government Relations Department of ALSCON, Tatyana Smirnova, said that this could only be possible or achieved if the firm was linked to the national power grid.
The firm noted the massive demand for energy estimated at 40,000mw, annually in the country, but with just 4,517mw capacity available, saying currently ALSCON has gas fired power plant with installed capacity of 540mw.
ALSCON, Director, Public and Government Relations, Albert Dyabin, said the situation did not only affect production and growth, it also posed a threat to the future of the company.
An impressed Minister of Power and Steel, Alhaji Babagana Kingibe, enthused that the maiden export by ALSCON also represented a milestone in the development of the aluminium industry in Nigeria.
Apart from generating employment opportunities in the oil-rich area of Akwa lbom, ALSCON has put to use the abundant gas currently being wasted through flaring.
Albert Dyabin, the Public and Government Relations Director of ALSCON, said UC RUSAL still legally owns ALSCON and would continue to be until Bancorp Finance and Investment Group (BFIG) meets the conditions of the recent decision by the Supreme Court and the Bureau of Public Enterprises (BPE).