Russian Railways to up invest in Leningrad Region upgrade 54%

State-owned railroad monopoly Russian Railways plans to increase investments in upgrading railways in the Leningrad Region 54% on the year to 14.1 billion rubles in 2011, the company said in a statement on Wednesday.

Specifically, the company is to invest in a complex upgrade of a segment linking a locality called Mga, located near Lake Ladoga, with ports on the Gulf of Finland coast via the towns of Gatchina and Ivangorod and the locality of Veimarn.

The project, which is expected to be completed by late 2020, is aimed at increasing railway cargo traffic to Russian seaports in the Gulf of Finland.

The total investments required for the implementation of the project were not provided.

(29.2550 rubles - U.S. $1)

Prime-TASS, February 9, 2011