April 24, 2018 / 6:58 AM / 3 months ago

Rusal sanctions seen risk to Kazakh coal venture: Samruk Energy

ALMATY (Reuters) - The Bogatyr Komir coal mining joint venture between Kazakhstan’s state-run Samruk Energy and Rusal could face risks linked to U.S. sanctions against the Russian aluminum producer, Samruk said on Tuesday.

Pure aluminium ingots are seen stored at the foundry shop of the Rusal Krasnoyarsk aluminium smelter in the Siberian city of Krasnoyarsk, Russia November 9, 2017. REUTERS/Ilya Naymushin

Bogatyr Komir produces 41 million tonnes of coal a year, which it sells in Kazakhstan and Russia, mostly to power plants.

U.S. sanctions could hamper the venture’s equipment upgrade project, Samruk, a unit of sovereign fund Samruk Kazyna, said in a written reply to questions from Reuters.

“Probable sanctions-related risks have been identified, including with regards to Bogatyr Komir, in which Rusal indirectly owns a 50 percent stake,” the firm said.

Samruk said it had contacted ThyssenKrupp, a supplier of equipment for the venture, and the Eurasian Development Bank, asking them to confirm whether they would continue working with Bogatyr Komir.

It provided no other details.

Reporting by Olzhas Auyezov; editing by Jason Neely

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