Russian Railways (RZD) has signed a cooperation agreement with the JSC Tuva Energy Industrial Corporation (JSC TEIC) for the construction of the Elegest-Kyzyl-Kuragino Railway Line.

The agreement was signed by Russian Railways president Oleg Belozerov and JSC Tuva Energy Industrial managing director Ruslan Baisarov within the framework of the St. Petersburg International Economic Forum.

The 410km railway line project is scheduled to be completed by 2022 and will ensure shipment of nearly 15 million tonnes of coking coal per annum from the Elegest coal field.

Private investors are set to be involved in the implementation of the project via a concession scheme.

The deal will see Russian Railways invest in JSC TEIC Kyzyl-Kuragino, manage issues related to the technology of transportation, operate the new railway line's infrastructure and carry out transportation services.

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"The 410km railway line project is scheduled to be completed by 2022 and will ensure shipment of nearly 15 million tonnes of coking coal per annum."

JSC TEIC is a key investor in the development, and is also set to be the main consumer of services for transportation of freight from its Elegest coal deposit.

Russian Railways noted that 96.8 million passengers commuted using its infrastructure in the last month, marking a 7.9% increase compared to the May 2016 period.

However, the passenger turnover amounted to 9.5 billion passenger-kilometres in the same period this year, which is 1.9% less than May last year.

It is reported that about 430.4 million passengers travelled in Russian Railways during January-May 2017, a 9.7% increase compared to January-April last year.

An estimated 40.9 million passengers travelled on the Moscow Central Ring in the same timeframe, which was opened on 10 September 2016.