Russian Railways and VEB to reconstruct stations in Sochi

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Railway Station Development, a wholly-owned subsidiary of Russian Railways, and the state corporation The Bank for Development and Foreign Economic Affairs (Vnesheconombank – VEB) have agreed to conduct comprehensive due diligence on projects to reconstruct Sochi, Loo, Khosty, Lazarevsky and Tuapse railways stations.

The contract includes arranging financing for the work related to conducting the due diligence. The signing took place at the X International Investment Forum Sochi-2011.

The agreement was signed as part of the development of a memorandum on cooperation and collaboration signed in December 2010 between Russian Railways and VEB to implement infrastructure projects to modernise railway stations.

In the previous period, Russian Railways – Railway Station Development developed business plans, financial models and the organisational and legal forms for implementing reconstruction projects at 20 railway stations in Russia.

Vnesheconombank, together with Russian Railways, analysed the projects to reconstruct and modernise the stations in question and took the decision to conduct a comprehensive assessment of the projects.

Of the twenty projects, Sochi, Loo, Khosta, Lazarevskoe, Tuapse, Oryol, Yekaterinburg, Perm and Murmansk were identified as a priority.

Work is proceeding actively on these projects to develop Vnesheconombank’s financing conditions and various ways to implement them with the involvement of local authorities and private investors.

The projects are being analysed by outside marketing, technology and construction consultants with extensive experience in developing railway station complexes.

The reconstruction projects for the railways stations in the Sochi hub are being implemented in accordance with the “Programme of Integrated Modernisation and Development of Railway Stations of the Directorate of Railway Stations – a branch of Russian Railways – to 2015” as part of preparing the Russian Railways infrastructure for the 2014 Winter Olympic Games in Sochi.

In developing these projects, the emphasis is on the right zoning area by taking into account passenger convenience and a comprehensive, integrated solution to security and safety issues.

Also envisaged is the application and use of the latest technologies and materials and modern navigation and logistics.

Much attention is being devoted to conserving resources and achieving energy efficiency, including the planned use of alternative energy sources: at all the stations of the Sochi hub, where there is considerable sunshine, solar power will be used.

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