Armenia and Russia resolve disagreements over South Caucasus Railway company
02.09.2020,
15:50
The Russian ministry of transport said today it has resolved disagreements with the Armenian minister of territorial administration and infrastructure regarding the operation of the South Caucasus Railway (SCR), which is a 100% subsidiary of the state-owned Russian Railways Company.
YEREVAN, September 2. /ARKA/. The Russian ministry of transport said today it has resolved disagreements with the Armenian minister of territorial administration and infrastructure regarding the operation of the South Caucasus Railway (SCR), which is a 100% subsidiary of the state-owned Russian Railways Company.
It said a protocol to that end was signed today by Deputy Minister of Transport of the Russian Federation Vladimir Tokarev and Deputy Minister of Territorial Administration and Infrastructures of Armenia Armen Simonyan.
'Thus, all disagreements regarding the financial and economic activities of the South Caucasus Railway company were resolved,' it said in a statement.
According to the protocol, both sides agreed with the findings of independent audits of the SCR carried out over the entire period of the concession agreement concluded in 2008. The SCR also confirmed the full fulfillment of its investment obligations and, as a result, the absence of claims from the parties.
'Despite the current restrictive measures imposed to stop the spread of coronavirus infection, the financial and a number of other performance indicators of the SCR continue to grow. This allows us to positively assess the prospects for our further joint work,' the Russian ministry said.
"The signing of the protocol plays an important role in solving a number of tasks facing the SCR, including both an increase in the volume of transportation of goods and passengers and the renewal of railway rolling stock. The parties stressed the significance of the signed document and noted that it will contribute to the further development of economic cooperation between our countries," the statement said.
In 2018 August Armenia's Investigative Committee raided the head office of the South Caucasus Railway in Yerevan and confiscated its documents. The Investigative Committee said afterwards that SRC inflated the volume of its capital investments by 400 million drams ($830,000).
The South Caucasus Railway (SRC) is run by the Russian Railways company in line with a 30-year management contract signed with the former Armenian government in 2007. Under the deal it was to invest $230 million in its Armenian subsidiary during the first five years of operations and another $240 million in the following years. -0-
It said a protocol to that end was signed today by Deputy Minister of Transport of the Russian Federation Vladimir Tokarev and Deputy Minister of Territorial Administration and Infrastructures of Armenia Armen Simonyan.
'Thus, all disagreements regarding the financial and economic activities of the South Caucasus Railway company were resolved,' it said in a statement.
According to the protocol, both sides agreed with the findings of independent audits of the SCR carried out over the entire period of the concession agreement concluded in 2008. The SCR also confirmed the full fulfillment of its investment obligations and, as a result, the absence of claims from the parties.
'Despite the current restrictive measures imposed to stop the spread of coronavirus infection, the financial and a number of other performance indicators of the SCR continue to grow. This allows us to positively assess the prospects for our further joint work,' the Russian ministry said.
"The signing of the protocol plays an important role in solving a number of tasks facing the SCR, including both an increase in the volume of transportation of goods and passengers and the renewal of railway rolling stock. The parties stressed the significance of the signed document and noted that it will contribute to the further development of economic cooperation between our countries," the statement said.
In 2018 August Armenia's Investigative Committee raided the head office of the South Caucasus Railway in Yerevan and confiscated its documents. The Investigative Committee said afterwards that SRC inflated the volume of its capital investments by 400 million drams ($830,000).
The South Caucasus Railway (SRC) is run by the Russian Railways company in line with a 30-year management contract signed with the former Armenian government in 2007. Under the deal it was to invest $230 million in its Armenian subsidiary during the first five years of operations and another $240 million in the following years. -0-
