ROLLING STOCK OF ARMENIAN RAILWAYS ON BALANCE ACCOUNT OF SOUTH CAUCASIAN RAILWAY
ARKA
June 2, 2008
YEREVAN, June 2. /ARKA/. The South Caucasian Railway made a decision
on June 1 to include the rolling stock of the Armenian Railway CJSC
into its balance account under the concession signed on February
13, 2008 on transferring the Armenian railway system to the South
Caucasian Railway.
The company has recruited its staff and has launched economic and
industrial activities on carriage by rail, cargo transportation,
as well as commercial and organizational activities of the Armenian
Railway.
At present, the Caucasian Railway is studying the infrastructure and
is making feasibility analysis on the Armenian company.
The objective of the South Caucasian Railway is to ensure uninterrupted
operation of the Armenian railway system. To achieve this goal,
the company must improve the local railway system.
The purpose of the South Caucasian Railway is to reconstruct Armenia’s
railroad way, improve the rolling stock both of cargo and passenger
railway transport, as well as to speed up railway transport, improve
services and train the staff.
The company also plans to develop Yerevan-Batumi and Yerevan-Poti
railway communication.
Included in the group of the Russian Railways, the South Caucasian
Railway is to manage the Armenian Railway CJSC.
The Armenian Railway manages 805km long railway lines and 1,125 km
long railways in Armenia. The company has been bringing fixed income
since 2001.
The Armenian Railway transported 3mln tons of goods last year against
2.7mln tons in 2006.
On January 16, 2008, the Russian Railway won the bids on the Armenian
Railway and now runs the company. The Russian Railway stated last
year it plans to invest $570mln with $230mln being allotted in the
coming five years.