In July last year, the company won an arbitration ruling on this--and another later in the year over its ownership of ALSCON
Gazprom doesn't necessarily get a controlling stake but the Russians are getting a place at the table," said Marks of Africa Energy.a He said a deal Italy signed this weekend to compensate Libya for misdeeds during its colonial rule was partly designed to maintain its critical energy relationship with Libya.a Elsewhere in Africa, Russian oil major Lukoil plans to explore for hydrocarbons in Ghana and Ivory Coast while Sintezneftegaz has acquired oil exploration rights off Namibia.a Interest in Africa goes well beyond the energy sector.a Aluminium firm RUSAL acquired a majority stake in Aluminium Smelter Company (ALSCON
) of Nigeria last year.
In July 2012 a Nigerian court ruled in BFIG's favour, vesting ownership of Alscon
in the company and stripping Rusal of their 85% stake.
Rusal is dealing with both a legal challenge to the legitimacy of its ownership interest in Alscon
and an unreliable gas supply to the smelter, which has limited production.
Industries: Aluminum smelter (ALSCON
), paper mill, steel mills, ceramic, battery, biscuit, plastic factories and breweries, etc.
The company acquired its 77.5% stake in the Aluminium Smelter Company of Nigeria (Alscon
) in Akwa Ibom in the southeast of the country from the federal government in February 2007.
In addition, the Aluminium Smelter Company of Nigeria (Alscon
) plant has been redeveloped by Russia's United Company (Rusal), providing the domestic and regional market with much needed aluminium.
The Aluminium Smelter Company of Nigeria (Alscon
) was built in 1997 at a cost of $2.5bn but closed after just two years and has remained out of operation, until now.