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Nov 27, 2015

Russian government considers Russian Railways' investment programme and financial plan for 2016

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Russian government considers Russian Railways investment programme and financial plan for 2016 (s)The Government of the Russian Federation considered the projects of the investment programme and financial plan of Russian Railways for 2016 and the 2017 and 2018 planning period on 26 November 2016.

"The financial plan and investment programme have been worked out in detail with the federal authorities and the expert community. The Company is cooperating actively with the Open Government and the Federal Corporation for the Development of Small and Medium Enterprises. I believe this is extremely important because we are interested in improving transparency," said Oleg Beloziorov, President of Russian Railways, who was speaking at a meeting of the Russian Government.

According to Beloziorov, in 2015 Russian Railways optimised costs by 100 billion roubles, which corresponds to the Company's monthly expenditures. As a result, productivity at Russian Railways is growing at nearly double the rate in Russia overall. Due to optimising costs, the 2016 financial plan does not envisage subsidies to balance Russian Railways, in contrast to previous years. The Company's key principles will be to increase internal efficiency and offer customers mutually beneficial conditions.

According to the draft financial plan, Russian Railways' revenues from freight traffic will rise by almost 11% compared to 2015 with a tariff indexation of 9%. Freight turnover is planned at the highest level in the history of the new Russia since 1992 - about 3 trillion ton-kilometres. The Company aims to increase delivery speeds by 5% next year. In 2015, this indicator stood at 12.4%.

Russian Railways' transportation costs will increase by 5%, which is one third less than the forecast for the average annual inflation rate (7.4%). This will be achieved by optimising procurement, primarily due to prices, reducing the life cycle cost of infrastructure, innovation and energy efficiency.

In 2016, the Company will carry 1.029 billion passengers on all routes, which is 1% more than in the current year. This will be achieved by commencing transportation on the Small Ring of Moscow Railways. Long-distance travel will be improved by offering more transport services in modern carriages.

In 2016, Russian Railways will increase its investment volume by 10%, while the Company's share in Russia's total investment will also increase to 3%. The investment programme will amount to 432 billion roubles, of which more than half will be spent on projects mandated by the state.

The Company will also purchase 440 billion roubles of fixed assets in 2016, 1.5 times more than in 2015, including the procurement of 495 locomotives, the renovation of nearly 2,000 km of track and the completion of the design of the high-speed rail stretch between Moscow - Nizhny Novgorod.

"I would like to assure the government that the Company will meet the demands of the Russian economy for rail transport services and other tasks," said Oleg Beloziorov.

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