Transoil has offered a RUB5bn ($155m) entry fee to buy a stake in state-owned Russian Railways’ Freight One cargo unit.

Russia-based Transoil, which ships oil by rail, will submit its application to bid for a 75% stake in the Russian rail freight unit by the end of this week.

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Russian Railways earlier revealed a plan to auction the Freight One stake on 28 October with a starting price of RUB125.4bn ($4bn).

The other companies that are keen to buy a stake in Freight One include UCL Holding and Neftetransservis.

Globaltrans Investment, Russia’s largest privately owned railroad carrier ,has already pulled out of the bidding process.

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