The source did not provide the project’s time frame or the refinery’s production capacity.
King Hamad bin Isa Al Khalifa of Bahrain held talks with Russian President Vladimir Putin in the Kremlin earlier on Thursday. In a comment to state TV after the talks, Russian Deputy Prime Minister Alexander Novak said that Nornickel plans to build “a platinum production plant” in Bahrain.
Novak gave no additional details. Nornickel declined to comment.
Nornickel has not been directly targeted by Western sanctions imposed on Moscow since Russia attacked Ukraine in 2022, but some of the Russian precious metals refineries, which also usually handle PGMs, were.
Britain, for instance, imposed sanctions on Russia’s largest, state-owned refinery Krastsvetmet in November as London targeted Russia’s gold industry.
Sanctions imposed on Moscow over the last two years damaged Nornickel’s logistics, usual trade flows, money transfers and purchases of imported equipment. The company, which also produces nickel and copper, has been re-shuffling its production and sales strategy seeking ways to ease the damage.
(By Polina Devitt and Maxim Rodionov; Editing by Mark Trevelyan and Marguerita Choy)
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