The company, Russia's largest aluminum producer, said the planned annual capacity of the plant in Nizhnekamsk would be 400,000 metric tons of coke and 250 million tons of straight-run gasoline.
"The project is another step for RusAl in reaching full raw materials self-sufficiency by 2013, both for our main raw material, alumina, and for supportive materials, coke and pitch, which are essential for the production of aluminum," RusAl said.
RusAl is one of the world's top three leading aluminum and alloy producers. It accounts for 75% of Russian and 10% of global aluminum production.
TAIF Group, based in Tatarstan's capital Kazan, focuses on important investment projects for the republic's economy. Its interests include television, telecoms, financial consulting, and banking.
Nizhnekamsk is a major center for Russia's petrochemicals industry, the home of the country's largest petrochemical producer Nizhnekamskneftekhim.
According to the memorandum, over the next six months RusAl and TAIF will draw up the details of the project, after which a new agreement will be signed, and a decision reached on investment and a timeframe for building the plant.
