Baku, Azerbaijan, Apr. 3
By Maksim Tsurkov – Trend:
Azerbaijan Caspian Shipping CJSC and Kazakhstan Railways JSC are creating a joint venture in the field of freight traffic on the Trans-Caspian International Transport Route (TCITR), said the Azerbaijani company in a message posted on its website Apr. 3.
The agreement on creation of the JV was signed by Head of Azerbaijan Caspian Shipping Rauf Valiyev and President of Kazakhstan Railways Kanat Alpysbayev in Baku. This document is a main part of the agreement on strategic cooperation signed between the two sides in December 2016.
“The joint venture’s creation will give a momentum to the development of the TCITR, implementation of its potential and its effective use, and will become effective after the full commissioning of the Baku International Sea Trade Port and Kazakhstan’s Kuryk port, as well as the Baku-Tbilisi-Kars railway,” says the message. “Moreover, both Azerbaijan and Kazakhstan are planning to use unique ferries on the Caspian Sea, an the signed agreement will be useful for these ferries’ operation.”
Fifty percent of the JV’s shares is owned by Azerbaijan, while the remaining part is owned by Kazakhstan.
The Trans-Caspian International Transport Route runs through China, Kazakhstan, Azerbaijan, Georgia and then through Turkey and Ukraine to Europe. New competitive tariffs were introduced for the Trans-Caspian International Transport Route since June 1, 2016.
---
Follow the author on Twitter: @MaksimTsurkov