Russia Suggests OPEC-type Association for Aluminum
Speaking on the sidelines of a Russian Investment Forum, Manturov said, “This is at the proposal stage so far. We would like it to be similar to the OPEC, so that the organization would function with direct government participation and government representatives, industry ministers in particular.
“Even an association will suffice for the first stage. Most important is that all nations that are main producers and exporters of primary aluminum agree upon principles of common policy in the field of standards and technologies.”
The association might also deal with prevention of overproduction and other matters “that may influence the rollout of new technologies, new standards and coordination of development programs for new production facilities,” Manturov said.
The association might initially have consulting authority status but also might achieve some regulatory function in the course of its development. Member countries might include Russia, China, the United Arab Emirates, Bahrain, Qatar and Saudi Arabia, Manturov suggested.
Russian aluminum producer, Rusal, is a leading world producer of bauxite, alumina and aluminum, with production facilities primarily in Russia but also elsewhere in the world. The company accounts for about 7% of world production of both alumina and aluminum. OPEC is an intergovernmental organization that unites some of the world’s largest oil producers.