Alcasa, Pechiney to sign engineering agreement for line V

Venezuelan aluminum reducer Alcasa and French technology supplier Pechiney are due to sign on Tuesday (Feb.1) the initial engineering contract for Alcasa's new production line V, an Alcasa spokesperson told BNamericas. "The agreement also includes [French technology company] Technip," the spokesperson added. GLENCORE FINANCING PROPOSAL Last week, Swiss resources group Glencore AG submitted a financing proposal for the construction of the new line V. "We have to wait to see whether Glencore's proposal is approved - this is a confidential matter," the spokesperson said, adding that the decision will be known soon. Glencore made its offer along with Dutch bank ABN Amro and added that the bank would be able to contact other financial institutions related to the line V project, which is worth nearly US$1bn. Once built, Alcasa's line V will produce 240,000t/y of primary aluminum, bringing the company's overall installed capacity to 450,000t/y from 210,000t/y. The Alcasa plant is in Puerto Ordaz in eastern Venezuela's Guayana region. Venezuela's state-owned heavy industry holding CVG controls 92% of Alcasa, with the other 8% belonging to US aluminum giant Alcoa (NYSE: AA). Pechiney is owned by Canadian aluminum company Alcan (NYSE: AL).