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Russian Technology Corporation chief Sergei Chemezov said on Friday
Russian Technology Corporation chief Sergei Chemezov said on Friday he was removing himself from consideration for the Norilsk Nickel board, the company said.

The metals giant's shareholders will vote on candidates for the new 13-member board later on Friday.

"I have set myself the goal of focusing primarily on my work in the state-run Russian Technology Corporation as a condition for tasks set by the country's leadership to be fulfilled successfully," Chemezov said.

Aluminum giant RusAl, which holds 25% plus two shares in Norilsk Nickel, nominated Chemezov and former Kremlin administration chief Alexander Voloshin to be independent directors in late November.

Interros, owned by Russian billionaire Vladimir Potanin, which holds some 30% in Norilsk Nickel, also nominated Voloshin as independent director of the new Norilsk Nickel board.

Rival billionaire shareholders in Norilsk Nickel - Potanin and RusAl owner Oleg Deripaska - announced in late November they had managed to resolve all disputed issues through negotiations.

Vladimir Strzhalkovsky, the general director of Norilsk Nickel, will be joined on the board by four directors from each of RusAl and Interros, three independent members and a government representative, Kommersant reported.

The inclusion of a government representative was one of the terms under which state-controlled Vnesheconombank agreed to grant RusAl a $4.5 billion loan to refinance its debt to a consortium of Western banks accumulated as a result of purchasing the stake in Norilsk Nickel, the paper said.

Potanin announced last month that the heads of companies holding major stakes in Norilsk Nickel would not sit on its board.

Norilsk Nickel is Russia's largest diversified mining and metals company, the world's largest producer of nickel and palladium, and one of the world's largest producers of platinum, rhodium, copper and cobalt.


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