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Aug 11, 2011

Russian Railways President Yakunin sums up investment programme for first 7 months of 2011

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.

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