Over the next 12 weeks a joint working group will be established to examine a range of potential initiatives.

Oleg Deripaska, UC Rusal’s CEO, said that both China and Russia are ‘emerging countries’and argued that China, a world leader in aluminium production, has been forced to transfer light metal manufacturing abroad due to increasing production costs and high energy prices.

Deripaska believes that Siberia is top-of-the-list for Chinese aluminium companies because of its top line smelting sites and industrial clusters. He added that UC Rusal was ready to engage with the Chinese with a view to developing Sino-Russian economic co-operation.

Shandong Xinfa’s chairman, Zhang Gang, said he was confident that the two countries could enjoy and long and fruitful business partnership.