Hydro Alunorte is the world's largest alumina refinery and it is located in Bacarena, close to Belém, State of Pará. In 1984, the first industry established in the area was a project with Japanese capital called Albras-Alunorte, which now belongs to Brazilian-headquartered private corporation Vale. According to Aguiar, Cardoso and Vecchione , "The project was part of the global process of relocating polluting and energy-intensive industries to the South. More specifically, it was part of Japan’s decision –in the context of the 1970s oil crisis– to outsource the production of aluminum needed to feed its post-War industrial boom. The Brazilian military regime embraced the opportunity to host aluminum processing in the Amazon, signing up to huge debts denominated in Japanese yen. It then took on the task of building the energy infrastructure needed for the industry to flourish. The Tucuruí megadam, built in the late 1970s in the Tocantins River, was inaugurated in 1984 and resulted in social and environmental disasters of great proportions. Since then, Tucuruí megadam has been providing energy to the aluminum industry at subsidized rates." The authors continue: "The process of turning Barcarena into an industrial center started during the time of the military dictatorship but continued unabated in the era of post-democratization government planning. It turned the area into an important vector of several trade corridors with hydroways and pipelines transporting kaolin and bauxite. In recent years, continued extractivism and little aggregate value processing of its produce has become part of the economic policy of ensuring continuous trade surplus through the export of commodities."