Russia`s newly-created aluminum giant United Company RusAl said Tuesday it would set up a joint venture with France`s Areva to produce electrical equipment for aluminum enterprises. United Company RusAl, established in March through a merger of Russian aluminum giants RusAl and SUAL and Swiss Glencore`s alumina assets, signed an agreement Tuesday with Areva to establish a joint venture on a parity basis to produce electricity transmission and distribution equipment for aluminum smelters, RusAl said in a statement. The JV, to be created in the Urals city of Yekaterinburg on the premises of the Russian Power Engineering Company, is expected to produce equipment over a period of five years worth $500 million for RusAl`s program to modernize and expand existing facilities, and projects to put the company`s new aluminum capacities into operation, the statement said. RusAl`s requirements for electrical equipment up to 2011, including energy-related projects and aluminum smelters under construction, are expected to reach about $1 billion, the statement said. The company has been successfully cooperating for over two years with Areva, which offers its customers technological solutions for CO2-free power generation and electricity transmission and distribution, the statement said.