Russian Railways President Yakunin sums up investment programme for first 7 months
On 5 August 2011, Vladimir Yakunin, President of Russian Railways, summed up the
implementation of the Company’s investment programme from January to July 2011.
According to the latest data, Russian Railways invested over 155 billion roubles
during the reporting period. The Company continues to implement its construction projects
for the Sochi Winter Olympics in 2014 and renew rolling stock at a very rapid pace.
"We have never fallen behind in our schedule to execute construction work on our
Sochi projects. All the work is being carried out in accordance with the schedules
and timetables we have signed," said the President of Russian Railways.
Since the beginning of the year, Russian Railways has completed a number of major
infrastructure projects. During January to July, the Company electrified more than
148 kilometres of railway lines between Karymskaya - Olovyannaya, commissioned the
Large Novorossiysk Tunnel, reconstructed the permanent way on 610 kilometres of line
and opened to traffic double-track inserts on the Yakornaya Schel - Loo and Sochi
- Matsesta stretches on the Tuapse - Adler line.
Just before National Railway Day recently, Russian Railways also commissioned the
reconstructed bridge over the first line across the Volga River on the stretch between
Kanash – Agryz and the bridge over the River Nerl between Moscow - Nizhny Novgorod
on Gorky Railways.
In addition, Vladimir Yakunin said that the shortage of investment resources on
the first phase of the "Railway Transport Development Strategy to 2030" amounted to
400 billion roubles. "We considered the combined experience of other countries and
decided it was once again necessary to approach the Russian Government regarding the
issue of infrastructure bonds. We have in mind government bonds, rather than corporate
bonds - even if they come with government guarantees. Based on the fact that the rail
sector is operating dynamically and that we have clear forecasts regarding macroeconomic
development, we have to build infrastructure a very fast pace. After placing 20-year
Eurobonds in sterling, we realised that there was a demand for such financial products.
It was only after that realisation that we went to the government. We cannot work
with short-term money in connection with the long payback periods involved in infrastructure
projects," said the head of Russian Railways.