RUSAL says to buy 33 pct of Shenzhen North Investments

* Buying stake in active Chinese aluminium trader

* To set up JV with NORINCO to make aluminium alloys (Adds details)

HONG KONG Nov 24 (Reuters) - United Company RUSAL Ltd (0486.HK: Quote) said on Wednesday that it plans to buy a 33 percent stake in a Chinese aluminium trader to enhance sales and strengthen its market position in China, the world's largest user of the lightweight metal.

RUSAL (RUAL.PA: Quote), the world's top aluminium maker by output, had agreed to buy the stake in Shenzhen North Investments Corp Ltd controlled by state-owned China North Industries Corp (NORINCO), it said in a filing to the Hong Kong stock exchange.

"The acquisition of a stake in Shenzhen North Investments will enhance the effective promotion of RUSALs products in the Chinese market," it said in a statement.

The company did not disclose any investment terms, but said Shenzhen North Investments was a metals trader with more than 15 years of experience.

RUSAL, whose largest shareholder is Russian billionaire Oleg Deripaska, told Reuters in March that it planned to secure between five and eight major Chinese buyers on long-term contracts to carve a larger share of the China market. [ID:nLDE62726C]

The company said China had become a net importer of aluminium, importing 38 thousand tonnes since January 2010, and it forecast that China would increase imports of primary aluminium in 2011 to 3-4 million tonnes by 2015.

China's per capita aluminium consumption has doubled to 10 kg per year in the last five years, versus 20-25 kg in western Europe.

RUSAL said it and NORINCO would sign a memorandum of understanding to set up a joint venture in China to make and sell aluminium alloys, including semi-finished parts for production of aluminium cans, slabs and billets for production of aluminium profiles, and wheel alloys.

The Russian company would hold at least 51 percent of the joint venture company, it added.

RUSAL said it would continue to supply primary aluminium to NORINCO and would consider the possibility of increasing sales to China when market conditions become more favourable.

The company struck a deal in November 2009 to sell 1.68 million tonnes of aluminium to NORINCO over seven years. [ID:nPEK123738]

Hong Kong-listed shares of RUSAL fell 1.5 percent on Wednesday, lagging a 0.9 percent gain on the Hang Seng Index .HSI. (Reporting by Donny Kwok and Alison Leung; Editing by Chris Lewis)

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