En+ Group, China in $2 bln deal to develop Russian coal

MOSCOW, March 22 (Reuters) - En+ Group, parent of the world’s top aluminium producer UC RUSAL, said on Friday it had reached an agreement with Shenhua Group and China Development Bank to develop coal resources in Eastern Russia.

En+ Group, an energy group controlled by Russian tycoon Oleg Deripaska, said China Development Bank will provide funding of up to $2 billion to En+ Group and Shenhua Group, the world’s largest coal producer, for the project in Eastern Siberia and the Far East region of Russia.

The companies will invest in coal mining, construct basic transportation infrastructure, develop or improve port facilities in the Far East region and handle transportation and sale of coal, En+ Group said. (Reporting by Vladimir Soldatkin, Editing by Alessandra Prentice)