Today.Az » Business » Azerbaijan, Russia, Iran to establish joint venture for new railway construction
02 February 2011 [11:14] - Today.Az
Heads of railway departments of Azerbaijan, Russia and Iran will sign an agreement on establishing a joint venture within the project on 'North-South' railway transport corridor on Feb. 7 in Tehran, head of the international department of Iranian Railways, Abbas Nazari, told Trend.
According to him, today, after a meeting held in Tehran from Jan.31 to Feb. 1, the Azerbaijani, Iranian and the Russian sides approved the charter of the joint venture. On Feb. 7, the heads of the railway departments will sign an agreement on establishing the joint venture.
The authorized capital of the joint venture will amount to $3 million, respectively one million accounts for each participant, said Nazari.
According to him, the question of location of head office of the joint venture will be agreed until Monday. However, Nazari noted if head office will be located in one of the capitals, subsidiaries of the venture will be established in other two capitals.
The$400-million North-South transport corridor envisages creation of a single railway from Europe through Russia, Azerbaijan and Iran to India and South-East Asia. Most of the work will be done in Iran, which has no rail link to the border with Azerbaijan. Certain work worth $35-40 million is planned to be conducted in Azerbaijan.
The scope of work in Azerbaijan envisages the construction of a 8.5km-long railway to the Astara station with systems of changing of wheel pairs, a bridge and border and customs infrastructure. This project will be implemented on a parity basis with Iran.
Transportation of goods along the North-South corridor is predicted at five million tons per year in the first phase, and it is planned to increase the volume to 10-15 million tons per year in the future.
/Trend/
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