Russian Rusal asks state for $45 million for innovation projects

The figure is the largest sum of money ever requested by a Russian company from the state.

The Russian presidential commission for modernization and technological development has approved two of Rusal's planned projects: a superpower electrolysis cell (under development since 2001) and aluminum production technology using inert anodes (since 2004), Kommersant said, quoting a source in the presidential administration.

The projects are estimated at 2 billion rubles ($64.6 million) and 1.07 billion rubles ($34.6 million.

"After they [the technologies] are introduced, Russia's aluminum industry will be an unqualified world leader for many years. The faster we introduce them, the more significant the technological gulf will be," Kommersant quoted Rusal's Vera Kurochkina as saying.

Russian hi-tech government corporation Rosnano has said the technologies being developed by Rusal could also enter foreign markets.

Rusal has already invested 808 billion rubles (more than $26 million) and 439 billion rubles ($14.2 million) in the two projects and is planning to spend an additional 199 million rubles ($6.4 million) and 230 million rubles ($7.4 million), respectively, from its own funds. The rest, Rusal hopes, will be provided by the state.

The government has said it is ready to provide Rusal with one third of the requested funding "as an exception," Kommersant said, quoting Russian President Dmitry Medvedev's top economic aid Arkady Dvorkovich, Kazinform cites RIA Novosti. See www.en.rian.ru for full version.