Alcoa may invest in Brunei

Alcoa may invest in Brunei

BANDAR SERI BEGAWAN: Alcoa Inc., the world's largest aluminum producer, will conduct a study on the possibility of establishing a US$1.5 billion aluminum smelting plant in Brunei, officials said on Thursday.

Alcoa has signed a memorandum of understanding with the Brunei Economic Development Board to carry out a two-year study to evaluate the potential for developing a plant in this Southeast Asian sultanate on Borneo island, both sides said in a joint statement.

The proposed plant would create at least 1,000 jobs and have a production capacity of about 300,000 metric tons of aluminum per year.

Alcoa has been pursuing projects in countries such as Iceland, Brazil and Russia to lower costs, while cutting operations in the United States.

Brunei has been seeking to diversify its economy away from oil and gas. --AP