(Adds details, quotes, context)
MOSCOW Feb 27 Russia is proposing the creation
of an OPEC-like organisation for the global aluminium industry,
TASS news agency quoted Russian Industry and Trade Minister
Denis Manturov as saying on Monday.
Russia's Rusal was overtaken by China's Hongqiao
as the world's biggest aluminium producer several
years ago, as Rusal cut back its production capacity due to a
fall in prices.
Manturov told reporters about the idea of an
aluminium-making group on the sidelines of an economic
conference in Russia's Black Sea resort of Sochi.
OPEC, the Organization of the Petroleum Exporting Countries,
unites some of the world's largest oil producers. Its members,
together with non-OPEC oil producers such as Russia, agreed to
reduce oil production and support global prices in 2016.
"It is currently at the stage of a proposal," Manturov told
"At the first stage" of creating such an organisation for
aluminium, participation of officials such as industry ministers
"would be enough".
"What is more important is that all governments, which are
the main producers and exporters of primary aluminium, agree on
principles of single policy in the area of standards and
technology," the minister said.
Rusal, controlled by Russian tycoon Oleg Deripaska, was not
available for immediate comment. Shareholders include trading
giant Glencore and Russian businessmen Viktor
Vekselberg and Mikhail Prokhorov.
Rusal's 2016 production rose one percent year-on-year to
3.685 million tonnes and is expected remain stable in 2017.
Prices for aluminium, used in transport and packaging,
have risen 12 percent in London since the start of 2017.
The metal closed 0.85 percent up at $1,901 a tonne on Monday.
(Reporting by Polina Devitt; Editing by Greg Mahlich/Ruth