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ARKA News Agency, Armenia
Feb 8 2008
Armenian government approves concession on handing over Armenian
railroad to Russian company
YEREVAN, February 8. /ARKA/. Armenia's Government approved the draft
agreement between the Republic of Armenia (concendent), `Russian
Railroads' open joint stock company and the `South Caucasian
Railroad' closed joint stock company (concessionaire) on handing the
Armenian railroad system to `South Caucasian Railroad' CJSC for
concession management, the government press service reported.
Armenia's Minister of Transport and Communication has been instructed
to sign the concession agreement on behalf of the concendent.
The Prime-Minister Serge Sargsian stressed the importance of the
decision to operate the Armenian railroad system under the concession
agreement that is in interests of Armenia.
`A problematic situation occurred in the railroad system and
investments are needed. We find it difficult to make investments, but
if we fail to solve the railroad problem, we won't be able to provide
rapid development of economy,' the Prime-Minister said.
On January 16 the `Russian Railroads' open joint stock company was
declared as winner in the bidding on handing over the `Armenian
Railroads' for concession management. The Russian company has already
stated its intention to invest $570mln in the Armenian Railways, with
$230mln to be invested within the next five years. Apart from that,
the `Russian Railroads' will be transferring 2% of the overall
revenue from the Armenian Railroads to the state budget of Armenia
every year.
`South Caucasian Railroad' closed joint company to be set up for this
purpose with deal with the concession management.-0 -
Feb 8 2008
Armenian government approves concession on handing over Armenian
railroad to Russian company
YEREVAN, February 8. /ARKA/. Armenia's Government approved the draft
agreement between the Republic of Armenia (concendent), `Russian
Railroads' open joint stock company and the `South Caucasian
Railroad' closed joint stock company (concessionaire) on handing the
Armenian railroad system to `South Caucasian Railroad' CJSC for
concession management, the government press service reported.
Armenia's Minister of Transport and Communication has been instructed
to sign the concession agreement on behalf of the concendent.
The Prime-Minister Serge Sargsian stressed the importance of the
decision to operate the Armenian railroad system under the concession
agreement that is in interests of Armenia.
`A problematic situation occurred in the railroad system and
investments are needed. We find it difficult to make investments, but
if we fail to solve the railroad problem, we won't be able to provide
rapid development of economy,' the Prime-Minister said.
On January 16 the `Russian Railroads' open joint stock company was
declared as winner in the bidding on handing over the `Armenian
Railroads' for concession management. The Russian company has already
stated its intention to invest $570mln in the Armenian Railways, with
$230mln to be invested within the next five years. Apart from that,
the `Russian Railroads' will be transferring 2% of the overall
revenue from the Armenian Railroads to the state budget of Armenia
every year.
`South Caucasian Railroad' closed joint company to be set up for this
purpose with deal with the concession management.-0 -