11:58, 20 September 2008

Russia invests into Armenian railways

This year, the Open Joint-Stock Company (OJSC) "Russian Railways" (RRWs) plans to invest 180 million US dollars into Armenian railways. Journalists were told about it by President of RRWs Vladimir Yakunin.

According to Mr Yakunin, so far, the volume of investments into Armenian railways made 80 million US dollars. In the long term, the OJSC RRWs plans to invest 572 million US dollars (of which 220 million US dollars in the nearest five years) into development of Armenian railways.

Vladimir Yakunin has also touched on the issue of building the Armenian-Iranian railway. As he said, the OJSC RRWs is ready to take part in negotiations on this railway.

The Armenian railways were delivered into concession management to the Closed Joint-Stock Company (CJSC) "South-Caucasian Railways", which is an affiliate of the OJSC RRWs. The term of the concession makes 30 years with the right to extend the term for 20 years more.

Author: Lilit Ovanisyan, CK correspondent