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RZD JSC, Siemens AG, and Aeroexpress LLC signed a Memorandum of Production, Supply and Servicing of Modern Russian Trains today in Sochi

May 27, 2010

The signing of the memorandum took place as part of the V International Railway Business Forum “Strategic Partnership 1520”. The document was signed by Vladimir Yakunin, President of RZD JSC, Hans-Jorg Grundmann, the Executive Director of the “Mobility” Division and Vice President of Siemens AG, and Maxim Liksutov, a member of the Board of Directors of Aeroexpress LLC.

In accordance with the Memorandum, RZD JSC, Siemens AG, and Aeroexpress LLC will organize a joint venture in Russia for production of new age trains with a DESIRO RUS asynchronous propulsion system.

These trains will be assembled by the joint venture using the Olympic Trains which Siemens AG will deliver to RZD JSC as a base model. The Olympic Trains will be delivered in 2012-2013, as per the contract reached between the parties in December, 2009.

“Organization of joint production of DESIRO suburban trains will be an important milestone in the development of train transportation in Russia. We hope that soon many inhabitants and guests of Russia can take advantage of all that our technical equipment has to offer. Our trains are highly effective, ecologically-friendly, reliable, fast, and comfortable,” explained Hans-Jorg Grundmann.

Aeroexpress is a strategic partner in the joint venture being developed. Aeroexpress has a great need for modern train stock which suits the highest international requirements. The DESIRO RUS trains are one of the most technologically advanced solutions in the sector, both for passengers – in terms of comfort and safety, and for operators – in terms of the trains’ reliability. Cooperation with Siemens at refreshing train stock will allow Aeroexpress to reach new quality and quantity levels of intermodal transportation,” said Maxim Liksutov, a member of the Board of Directors of Aeroexpress LLC, after the agreement was signed. “After the Olympic Games in Sochi, where we plan to take part as a passenger transportation operator, we then plan to use modern DESIRO RUS trains to serve intermodal routes between Moscow center and the city’s airports,” Liksutov added.

Pokrovka Finance is serving as a consultant to Aeroexpress LLC on the project for establishing a joint venture.