Russia's government green-lighted a joint venture between the state railway companies of Russia, Belarus and Kazakhstan that aims to grab up to a 2 percent share of container traffic between China and Europe currently worth a $1 trillion a year.
According to an official decree published Friday, Russia's Cabinet approved the transfer of 50 percent plus two shares in Transcontainer, Russia's largest intermodal container operator, and 100 percent minus one share in Russian Railways subsidiary Russian Railways Logistics to the joint venture. In 2013 the three ex-soviet nations' railway companies agreed the principal terms of a joint venture called United Transport and Logistics Company, or UTLC, that would operate within their customs union and handle transit cargo between the economic hubs of China and Europe.
Annual trade between Europe and Asia is estimated to increase to $2 trillion by 2020. Mostly traveling by sea, some of these goods could be redirected to an intercontinental ground corridor passing through the territory and the transport network of the former Soviet Union.
Rotterdam, 07/09/2014-INC News
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