SUAL Partners to Sell Boguchany Plant Aluminum

SUAL Partner may be able to independently implement part of the aluminum from the Boguchansk Aluminum Plant (BOAZ) together with RusHydro.

Consensus

• SUAL Partners and RusHydro signed a cooperation agreement on October 15, 2026, during REN-2026.
• The agreement allows SUAL Partners to participate in the supply of raw materials and materials for the Boguchany Aluminum Plant, including alumina, anodes, fluorine aluminum, and silicon.
• The Boguchany Aluminum Plant is part of the Boguchany Energy-Metallurgical Complex (BEMO), jointly owned by RusAl and RusHydro, each holding 50%.
• SUAL Partners may independently sell 150,000 tons of aluminum annually from the Boguchany plant to KAMZ and other domestic and foreign buyers.
• SUAL Partners and RusHydro plan to jointly develop a program to improve the economic efficiency of the Boguchany Aluminum Plant.

Points of divergence

• RusHydro may consider selling or exchanging its share in the Boguchany Aluminum Plant. — vedomosti
• The agreement with SUAL Partners may be a tool of pressure on RusAl during negotiations to increase its share in BEMO and potentially buy out shares in the Boguchany HPP. — vedomosti
• On July 25, RusAl CEO Evgeny Nikitin stated that RusAl and RusHydro are discussing deals involving the use of RusAl's stake in the energy holding, including a possible increase in RusAl's share in BEMO. — vedomosti

Coverage (3 sources)

• «SUAL Partner» wants to supply aluminum from the Boguchansk plant — Коммерсантъ
• Aluminum from the Boguchansk plant may be taken from 'Rusal' — Ведомости
• «Suval Partners» may be involved in supplying aluminum from the Boguchansk plant — Коммерсантъ

Key entities

• Suval Partners
• Boguchansk Plant
• RBC
• Rusala
• RusHydro
• Boguchansky Plant "SUAL Partners"
• Boguchansk Aluminum Plant (BOAZ)
• SUAL Ural Metallurgical Plant (UMZ)