10 Oct 2022 14:56

FESCO registers subsidiary in Uzbekistan in October

MOSCOW. Oct 10 (Interfax) - The FESCO Transportation Group, whose parent company is PJSC Far East Shipping Company , has opened a subsidiary in Uzbekistan in order to develop logistics services in the region, FESCO said in a statement.

"FESCO TURAN was registered on October 6, 2022, in Tashkent. The company will provide a full range of logistics services to customers in Uzbekistan, as well as in Tajikistan, Turkmenistan, and Kyrgyzstan," according to the statement.

FESCO TURAN will concentrate on operational support for the existing regular container services of the group from Vladivostok Commercial Sea Port, part of FESCO, to Tashkent and Angren, of the new FESCO Trans China Railway intermodal service from the countries of Southeast Asia through the Chinese port of Lianyungang to Tashkent, according to the statement.

The new company's area of responsibility will also be developing railway container transportation from Europe to Uzbekistan and between the countries of South Asia and Uzbekistan through the port of Novorossiysk.

"According to the results of the first nine months of 2022, the group has already transported nearly 8,500 twenty-foot equivalent units (TEU) to Uzbekistan, while the total volume transported was 9,000 TEU in 2021," FESCO said.

The FESCO Transportation Group is a major Russian port operator with a railway and logistics business as part of it. The group manages a container fleet of more than 100,000 TEU, and a fleet of fitting platforms exceeding 10,000 units. The fleet consists of 22 vessels, mainly operated on their own shipping lines. Ziyavudin Magomedov owns a 32.5% stake in FESCO, Mikhail Rabinovich owns 26.5%, and his partner, Andrei Severilov, owns 23.8%. Information about the owners of 17% of the shares has not been disclosed.