MOSCOW. July 27 (Interfax) - OJSC Russian Railways' (RZD) executive board approved on Monday a packet of documents for creating OJSC Freight Two Company, RZD said.
After being developed, the document will be reviewed by RZD's board of directors.
A program for structural reform in railway transport and a target operational model for the freight hauling market foresee the creation of a competitive sector in rail freight transport through creating operators with their own fleets.
Freight Two is being formed as universal freight operator with its own railcar fleet. The company will carry out shipment of cargo through Russia. RZD expects the operator to account for around 22% of freight hauling in Russia by 2015.
Freight Two's charter capital will come to 46.4 billion rubles.
The decision to transfer RZD's railcar fleet to two freight companies was made during the spring of 2007. OJSC Freight One Company was formed during the summer of that year. Following the creation of Freight Two, RZD will own around 30,000 cargo railcars for supporting its transport operations.
Freight Two should start its operations on October 1. The Transportation Ministry and RZD earlier agreed on forming the new company's charter capital through the transfer of 50% of its railcar fleet from RZD during the company's first three months. The remaining railcars will be transferred one year later after an analysis of Freight Two's operations.