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  • 2009 October 2 11:55

    Freight One, Finnish VR sign agreement on management of JV

    Russian Freight One and Finnish VR-Group Ltd. signed a shareholder agreement on Friday setting out the principles for management  of  their  joint  venture,  Freight One Scandinavia Ltd, Freight One said in a statement.

    Charter capital has been set at 1 million euro. Freight One and VR-Group will  finance  the  venture 50-50 through a share subscription. No additional  investment  will  be  needed  since the JV will be using the rolling  stock  and  infrastructure of the two founders. It will finance operations out of its own revenue.

    The  JV  was  worth an estimated 17.4 million euro at the moment of its founding.

    The  JV  will  be managed by an executive director appointed by the board of  directors.  Freight  One  and  VR-Group  will  each  have  two representatives on the four-member board.

    The  venture  was  set  up  to  boost  volumes  for Freight One and VR-Group  on  export,  import  and  transit  routes  between  Russia and Finland.  Freight One Scandinavia Ltd. will organize transportation in a number of  areas:  raw  materials  and  finished  goods  for  the timber industry,  including pulp and paper; raw materials and finished products for the    metalworking   and   chemical   industries;   petroleum   and petrochemical production; and machinery and equipment.

    Freight One Scandinavia Ltd. is to be registered in Helsinki before year-end.

    Freight  One is the largest freight operator in Russia. The company was founded in July 2007 and began independently operating its own fleet of railcars  in November 2007. It now owns over 200,000 railcars, 21% of the Russian  total. Freight One shipped over 100 million tonnes in 2008.  Russian Railways (RZD) (RTS: RZHD) is the principle founder and owner.
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2024 September 27

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13:44 Fincantieri launches the second LNG cruise ship for Princess Cruises
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2024 September 26

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15:59 Shell and TenneT sign an agreement for the large-scale hydrogen plant on the high-voltage grid in the Port of Rotterdam
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2024 September 25

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2024 September 24

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