South Caucasus railways to halve its investments in Armenia to AMD 540 million next year
21.12.2012,
19:42
South Caucasus Railways will halve its investments in Armenia from AMD 1.15 billion this year to AMD 540 million in the next year, Viktor Rebets, CEO of the company, told journalists today.
YEREVAN, December 21. /ARKA/. South Caucasus Railways will halve its investments in Armenia from AMD 1.15 billion this year to AMD 540 million in the next year, Viktor Rebets, CEO of the company, told journalists today.
“Our investment program has been shaped in accordance with the concession agreement, under which we are committed to make double investment in the first four years,” he said. “The year 2012 was the last year when investments exceeded AMD 1 billion.”
Rebets said that these funds had been spent on repairing dilapidated railway sections.
“The company has repaired some 300 kilometers of railway tracks and replaced 140 kilometers of electric power transmission lines and rehabilitated all the automotive systems,” he said. “This has laid groundwork for reliable operation of railway infrastructure.”
South Caucasus Railways CEO also said that the 2013 investments will mostly be targeted for the infrastructure and in a less degree for rolling stock. South Caucasus Railways, a 100-percent subsidiary of Russian Railways, runs Armenian Railway.
Armenian Railways was handed over to the South Caucasus Railways on February 13, 2008 for 30-year concession management with a right to prolong the management term for other 10 years. --0---
