SCR and Armenian ministry sign agreement to amend concessional contract

YEREVAN, May 4. /ARKA/. Viktor Rebets, the chief executive officer of South Caucasus Railways (SCR),  a Russian-run company operating Armenia’s railroad  and Armenian minister of transport and communications Manuk Vardanyan signed today an agreement on making amendments to the concessional agreement on the transfer of the railway’s administration to SCR.

The changes refer, in particular, to aspects of compensating SCR’s losses from passenger traffic, determining the tariff policy of the railway and working with the concessional assets.

Over three years of operations here SCR has invested 72.1 billion drams in upgrading the rail infrastructure, which has resulted in significant rise in traffic volumes, train speed and safety on the railway. 

The Armenian Railways was handed over to the South Caucasus Railways on February 13, 2008 for a 30-year concession management with a right to prolong the management term for another 10 years.-0-