May 31 (SeeNews) - Romanian aluminium producer Alro [BSE:ALR] said on Wednesday that it signed a memorandum of understanding (MoU) with Azeri peer Azeraluminium to explore ways to cooperate and enhance their technical and economic capabilities.
The two companies will look into the possibility of Alro exporting baked alumina anodes to Azeraluminium under a two to five year agreement, the Romanian company said in a press release.
The two producers may also partner for the development of a gas fired power plant that Alro intends to build on its premises.
For its part, Azeraluminium could process, market, and sell continuous casting coils in Romania.
Azeraluminium is a major company in the field of non-ferrous metallurgy in Azerbaijan and the only primary aluminium producer in the South Caucasus region, according to its website.
Alro is the parent company of Alro Group, which includes alumina producer Alum, bauxite mining company Sierra Mineral Holdings, extrusion business line Vimetco Extrusion, management company Conef, holding company Global Aluminium Ltd. and marketing services provider Bauxite Marketing Ltd and sales company Vimetco Trading.
Alro's shares traded 1.55% higher at 1.6350 lei ($0.35/0.32 euro) as of 1522 CET on Wednesday on the Bucharest Stock Exchange.
(1 euro=4.96930 lei)