Deputy director general of Russian Rusal company Aleksandr Livshits said this at the briefing on the results of the meeting with Armenian President Robert Kocharian in Yerevan today, Mediamax reports. Rusal owns ArmenAl enterprise set up on the base of Yerevan's Kanaker aluminum plant.

Aleksandr Livshits said that the volume of investments in ArmenAl's modernization will make $70 mln. $50 mln out of this sum falls at the credits of a group of German banks, and $20 mln is invested directly by Rusal.

In 2002, the volume of production of aluminum foil at ArmenAl made 5,5 thousand tons, in 2003 - 9 thousand tons. According to Livshits, after the modernization the annual volume of foil production will reach 25 thousand tons.

Rusal's deputy director general said that the process of ArmenAl's modernization will be finished by 2005.