A China Railway Construction Corp Ltd (CRCC) unit has signed a memorandum of understanding to build rail and port projects in Russia, the firm said in a stock exchange statement on Monday. [Special coverage]
The agreement was one of a series signed between China and Russia on the sidelines of a visit by Chinese President Xi Jinping to Moscow to mark the 70th anniversary of the end of WWII.
China Civil Engineering Construction Corporation (CCECC) said it had agreed with Russian firm Tuva Energy Industrial Corporation LLC (TEIC) to consult on and help source funds from Chinese institutions for projects including a 410 kilometers track across the central southern part of Russia from Elegest to Kuragin.
The other projects comprise a railway line connecting the Tuvan Republic, in the same area of Russia, to western China, and a port project in eastern Russia.
CECC said the firms would sign a contract for general contracting once the projects obtained financing. It did not say what the deals were worth.
Russian Transport Minister Maxim Sokolov said on Friday that the two countries would invest 1 trillion rubles ($19.7 billion) in a rail link between Moscow and the Russian city of Kazan to be completed by 2020.
Russia President Vladimir Putin said Chinese investment would be around 300 billion rubles.
CCECC was established in 1979 and it merged with CRCC in 2003. The company has worked on projects in more than 50 countries and regions, according to its website.
