Vadislav Soloviev is the new president of RUSAL, as well as chief executive officer of En+ Group, after Oleg Deripaska stepped down as president of both companies. This becomes effective March 15.
Additionally, Alexandra Bouriko, previously chief financial officer of RUSAL, has been named its new CEO.
Soloviev (or Solovyev) was appointed RUSAL’s CEO in November 2014.
Bouriko’s focus will be on the company’s long-term development, specifically through the implementation of RUSAL’s facilities efficiency program, as well as the introduction of modern technologies, reducing the company’s environmental footprint.
Deripaska was appointed RUSAL’s president in November 2014. En+ Group announced on Feb. 23 that its board of directors accepted Deripaska’s resignation as president and re-designated him as a non-executive director of the company.
Although no direct ties have been made, CNBC reports that this change “comes less than a month after the inclusion of Deripaska and dozens of tycoons on a U.S. government list of Russian oligarchs. While it is not a sanctions list, Western banks may be reluctant to deal with companies whose owners are included.”
In addition, En+ owns a 48% stake in RUSAL, which is a “big consumer of hydroelectricity produced by EN+’s power companies,” CNBC says. En+ is “the largest independent power producer in Russia in terms of installed capacity and the largest independent hydro power generation company globally,” according to its website. The company has 19.7 GW of installed capacity, 15.1 GW of that being hydro. Three of its largest plants are 6,000-MW Krasnoyarsk, 4,500-MW Bratsk and 3,840-MW Ust-Ilimsk.
RUSAL is an aluminum producer in Russia. The company sources 90% of the electricity its smelters need from hydropower plants. RUSALS says, “Producing aluminium from hydro power generates 3 to 5 times less CO2 emissions than from coal-based electricity. 10 million tonnes of primary aluminium, 20% of total global production, made from hydroelectricity instead of carbon-based electricity, will save the equivalent of the total emissions generated by 3 countries of similar size to Portugal.”
Additionally, RUSAL and RusHydro have a joint venture, called the BEMO (Boguchanskoye Energy and Metals) Project, that includes the 2,997-MW Boguchanskaya hydropower facility on the Angara River in the Krasnoyarsk region in Siberia, which began operating in 2014.