The US-sanctioned Russian parent company of Aughinish Alumina, one of the major industrial employers in the mid-west, has reportedly guaranteed a €28 million financial package to the Environmental Protection Agency (EPA) in case of its closure.
There are fears that the US sanctions may lead to production slash by up to 70pc at Aughinish or a shutdown. Out of 70pc, the refinery supplies some 30pc of all aluminium in Europe.
In the event of closure, the company will guarantee a €28 million-euro package to the Environmental Protection Agency for decommissioning and aftercare of the site, according to the Irish Independent.
The Irish Government is engaged in intense negotiations with the United States to ensure a job security for 450 people who are directly employed, as well as hundreds more who are employed indirectly by the huge facility.
However, late last week, the US Treasury’s Office of Foreign Assets Control (OFAC) granted a three-week extension, until November 12, for investors to divest holdings of debt, equity, and other assets in Rusal and EN+, raising hopes that Auginish’s parent may ultimately be de-listed.
Minister of State Patrick O’Donovan has also expressed his hope that there could be a resolution which would protect the jobs at Aughinish Alumina.
“We are in close, almost permanent, contact with the management in Aughinish,” continued Minister O’Donovan who has been deeply involved in the Irish government’s efforts to avert sanctions on Aughinish.
“As a government, we are working closely with the company and the US authorities,” he continued pointing out that Taoiseach Leo Varadkar and Ministers Simon Coveney and Heather Humphreys have all put their weight behind the issue.
Heather Humphreys said: “There has also been extensive engagement with the US authorities and our European partners in an effort to achieve a positive outcome.”
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