Russian Railways investments likely to shrink

Russian Railways expects its investment program to go down from RUB 434bn (approx. USD 15.35bn) to RUB 255bn (approx. USD 9.02bn) in 2009, Transportation Minister Igor Levitin told journalists according to RBC. He pointed out that the decrease would be possible if the forecast made by the company's board of directors regarding a drop in passenger traffic was sustained. According to the forecast, cargo traffic is expected to drop as much as 19 percent. Levitin also indicated that the government would consider the company's investment program once again in January 2009.