South Caucasus Railway Is Coordinating Its Investment Programmes Wit

[Emil Lazarian]

SOUTH CAUCASUS RAILWAY IS COORDINATING ITS INVESTMENT PROGRAMMES WITH INSTITUTIONS OF POWER

Arminfo
2010-02-19 15:53:00

ArmInfo. According to the data the CJSC "South Caucasus Railway",
the investment volumes in the infrastructure of the railway have
amounted to 14 798,63 mln drams since the beginning of concession
instead of the planned 21 182 mln drams.

The investment volumes in the rolling-stock of "South Caucasus Railway"
amounted to 36 934,50 mln drams since the beginning of the concession
(instead of the planned 26 088 mln drams). The investment volume
for purchasing and upgrading grew because of depreciation of the
rolling-stock fleet.

The proposal by the Armenian Ministry of Transport and Communications
(Protocol of the Working Group on preparation of the Agreement on
amendments to the text of the Concession Agreement dated February 13
2008) says non-fulfillment or over-fulfillment of the service, repair
and improvement of concessionary assets envisaged for each year is
included in the program for the next years. In this context, SCR CJSC
is expected to make the investments envisaged for 2009 in 2010. The
investment program of the company is implemented in coordination with
Prime Minister of Armenia, Ministry of Transport and Communication
of Armenia, Russian Railways OJSC, and under direct supervision of
President of Armenia Serzh Sargsyan.

South Caucasian Railway CJSC is the subsidiary (100%) of the Russian
Railways CJSC. The contract of concession of the Armenian Railroad
CJSC for 30 years with a 10-year renewable period was signed in
Yerevan on February 13 2008.

From: Emil Lazarian | Ararat NewsPress