JSC North-South was established in Russia
North-South JSC has been established in Russia, the “Turkmenavtoulaglary” Agency reports with reference to the official portal of legal information of the Russian Federation.
All shares of Makhachkala Sea Commercial Port JSC, the market value of which is estimated at 1.25 billion rubles, were transferred to the authorized capital of the Company.
The organization will be responsible for the development of transport infrastructure of the North-South ITC.
The investor will be chosen by the Russian government within four months. The investor will receive 51% of the company's shares and will be able to buy out the remaining share within five years.
The agreement that will be signed with the potential owner of the shares will include the obligations and activities that the investor will have to fulfill. Responsibility for failure to fulfill these obligations and the procedure for monitoring them will also be established.
The North-South multimodal international transport corridor (ITC) connects the northwestern part of the Eurasian Economic Union (EAEU) and the Scandinavian countries with the states of Central Asia, the Persian Gulf and the Indian Ocean. The corridor includes the infrastructure of railway, road and inland water transport, sea ports on the Caspian Sea, ports of the Persian Gulf, road and railway checkpoints, as well as international airports.
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