Port Wings News Network:
Railway companies and shareholders of the United Transport and Logistics Company Eurasian Railway Alliance (JSC UTLC ERA) have signed a shareholder agreement in Moscow on 4 June 2019.
The document was signed by Director General of the Board of Directors of Russian Railways Oleg Belozyorov, Head of Belarusian Railways Vladimir Morozov, and Chairman of the Board of JSC Kazakhstan Temir Zholy Sauat Mynbayev.
This agreement regulates the conditions for the participation of shareholders in UTLC EPA. It provides a balance of interests for all shareholders and creates conditions for the effective functioning of the company. According to the document, the company is managed by the shareholders on a parity basis. Each shareholder has the right to delegate two representatives to the JSC UTLC ERA board of directors.
During the meeting, which was preceded by the signing, the heads of the shareholder companies noted the efficiency of JSC UTLC ERA, emphasizing its significant contribution to transit container shipping between China and Europe by rail.
“The effectiveness of the UTLC an example of effective cooperation in the Eurasian Economic Union,” said Mr. Belozyorov.
In 2015 47,600 TEUs were transported within the framework of the project, and this figure exceeded 280,000 TEUs in 2018. A growth in traffic is also expected this year.
JSC UTLC ERA was established in April 2018 as a result of the reorganization of JSC UTLC, becoming its legal successor in terms of operating activities and transporting cargo through Russia, Kazakhstan and Belarus as part of regular container trains from China to Europe. JSC UTLC ERA shares are distributed among shareholders in equal shares.