Azerbaijan and Georgia to create joint venture on BTK

Mon 25 September 2017 08:16 GMT | 12:16 Local Time

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Azerbaijan Railways CJSC and Georgian Railways LLC will create a joint venture, which will be an operator of the Baku-Tbilisi-Kars project, Standard & Poor’s (S&P) reported.

According to agency, transportation of small-volume of cargos via the railway will not seriously affect the activity of Georgian Railways in the first stage. S&P notes that the Georgian part of the railway was funded at the expense of loans borrowed from Azerbaijan: “Taking this into account, we don’t suppose the Georgian Railways to be owner of abovementioned infrastructure”.

Earlier, chairman of Azerbaijan Railways CJSC Javid Gurbanov stated that BTK opening ceremony will be held on October 28.

The intergovernmental agreement on BTK project was signed in 2007.




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