HONG KONG, Sept. 17 – Russian aluminum company Rusal is considering listing in Hong Kong in what would be the first Russian-owned company on the Hong Kong Stock Exchange and also one of its largest.

Rusal deputy chief executive Artem Volynets told the South China Morning Post that “Hong Kong has always been one of our premium choices.”

Rusal is apparently considering one other option after discussions to list in London were rejected last week. The company has been hit badly by the global credit and consumer crisis and is heavily in debt to the tune of billions of dollars to 72 banks and other financial consortiums.

A listing would be a logical way to deal with the issue and pay down the debt. Hong Kong is attractive to Rusal as it represents a gateway to China and the large Chinese metals and mining companies close by. China is the world’s largest producer of aluminum.

“Instead of investing in mines, Chinese raw material producers can buy shares in Rusal instead,” Volynets said.

If it goes ahead, the listing is expected to result in a market capitalization valued at US$30 billion.