Russia's railway freight traffic could drop 19% in 2009

Freight traffic on Russia's railways could fall 19% in 2009, the transportation minister said on Tuesday according to RIA Novosti.

"Freight traffic could decline 19% in 2009," Igor Levitin said during government discussions on a railway investment program.

The minister also said the rail monopoly RZD could cut its investment program for 2009 from 432 billion rubles ($15.3 billion) to 225 billion rubles ($8 billion).

Levitin said the government had considered an RZD investment program in November based on a forecast of a 6% drop in freight for 2009.

He added that the rail monopoly could provide 225 billion rubles from its owner equity, however, a final decision on investment in 2009 would be made in January.