ARMENIAN RAILWAY TO BE TRANSFERRED TO RZD MANAGEMENT FEBRUARY 13

PanARMENIAN.Net
12.02.2008 13:33 GMT+04:00

/PanARMENIAN.Net/ On February 13, President of the Russian Railway
(RZD) Vladimir Yakunin and RA Minister of Transport Andranik Manukyan
will sign a concession agreement on transfer of the Armenian Railways
for the term of 30 years with a prolongation for 20 more years.

Initially, the Russian Railways will pay $5 million; further annual
payments will make 2 per cent of the local income. The RZD has
shouldered responsibility for 749 km of the rail, 3 thousand freight
and 50 passenger cars, 55 locomotives and 30 carriages as well as
4.2 thousand employees. The RZD intends to invest $170 million for
re-equipment and $400 million in development of the Armenian rail net,
Interfax reports.