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Alcoa freezes drill pipe JV with Rusnano due to sanctions

MOSCOW, August 19. /ITAR-TASS/. The US aluminum company Alcoa has suspended plans for a joint venture with the Russian state-owned Rosnano Corporation in Russia’s Samara Region, Rosnano Chief Executive Anatoly Chubais said on Tuesday.

“The project will be realized, but at the first stage Alcoa will invest alone. There is a project but there is no partnership,” he said. “But we still have a chance to cooperate it at later stages.”

The two companies earlier agreed to start joint production of drill pipes with nano-coating in Russia’s Rostov Region but later adopted anti-Russian sectoral sanctions affected some energy technologies.