Ulan Bator Railways (UBR) Board met with members of Russian Railways on August 2 2011 in Moscow.
The session was chaired by Vadim Morozov, First Vice-President of Russian Railways and Mongolian Railways CEO.
The Mongolian delegation was led by Gansuch Amarzhargal, Mongolian Deputy Minister of railways, transportation, construction and urban development.
The meeting focused on UBR performance in 2010.
“Last year UBR achieved operational improvements in both cargo and passenger transportation.
“Cargo flows stood at 16.8 million, up 18.6% from 2009. Export freight, especially of iron ore, was up 57%. This is a substantial increase,” said Vadim Morozov.
In 2010, UBR rendered transportation services to 3.5 million passengers (including 3.4 million users of commuter passenger service), up 12.7% from 2009.
According to Vadim Morozov, this was the first time in recent years that UBR reported positive financial performance.
Joint stock company Ulan Bator Railways was established in 1949 subject to an agreement between the USSR and the Mongolian governments, which held equal stakes in the statutory capital.
Prior to August 2009, the Federal Railway Authority was appointed by the Russian Federation to act on its behalf as a Company shareholder.
In 2009, pursuant to the Decree signed by President Dmitry Medvedev, Russian Railways received a 50% stake in UBR and was entrusted to manage this equity stake for a term of five years.
The Mongolian counterpart benefits from practical assistance in capital repair of railway tracks, modernisation of rolling stock, and technology improvements.
UBR plays a key role in the Mongolian transportation sector. Railways account for over 60% of national cargo flows.
