YEREVAN, December 19. / ARKA /. The state-owned company Russian Railways has invested this year 7.6 billion rubles or about 100 billion Armenian drams into its Armenian subsidiary – the South Caucasus Railways (SCR), SCR CEO Viktor Rebets said today.
Russian president Vladimir Putin said after talks with his Armenian counterpart Serzh Sargsyan September 3 in Moscow that the Russian Railways could invest 15 billion rubles in the development of the Armenian railway network.
According to Rebets, half of that amount was already invested into the SCR to have created grounds for the future prosperity of the facility.
He said the investments were used to upgrade the infrastructure and the rolling stock as well as repair three major railway bridges.
Rebets also noted that part of the money is being used for regular maintenance of the facility. It has reconstructed train stations in Yerevan , Vanadzor and Gyumri.
Rebets said the company did not suffer losses this year and is hardly to make profit in 2014.
“Russian investment into the South Caucasus Railways has not brought it profit yet and it turns out that everything is being done exclusively as part of the Armenian- Russian strategic cooperation," Rebets said.
South Caucasus Railways is a 100% subsidiary of state-run Russian Railways that was awarded a concesional management of SCR. The 30 year contract was signed in 2008. It can be prolonged for another 10 years. -0-