Russian Railways president Vladimir Yakunin held a conference call to release the company’s results for the first 9 months of 2011.
Vladimir Yakunin said that following the results of the first 9 months of 2011, Russian Railways was considering increasing its investment program for 2011 to 413 billion rubles (about 9.5 billion Euros). The investment program which had initially been approved for the current year totals 349 billion rubles (about 8 billion Euros).
According to Yakunin, the proposed 64 billion ruble (1.47 billion Euro) increase has been made possible by a combination of measures to reduce costs and increase the efficiency of Russian Railways.
The additional funds will be directed specifically towards the implementation of Olympics-related projects (about 460 million euros), and the replacement of rolling stock (about 340 million euros). It will also be spent on the organization of intermodal transport (more than 9 million euros) and other company projects.
“At present, we are preparing the necessary documents for consideration by the company’s board of directors”, said Vladimir Yakunin.
During the first 9 months of 2011, the investment budget of Russian Railways was 225.5 billion rubles (about 5.18 billion Euros).