OREANDA-NEWS. On August 11, 2009 The Board of Directors of Russian Railways has approved the establishment of a joint venture between its subsidiary JSC Freight One and the Finnish rail and transport company VR Ltd. The jv will be a joint stock company established under Finnish law, with JSC Freight One holding 50% of the shares and VR Ltd the remaining 50%, reported the press-centre of Russian Railways.

The jv will be involved in sales, marketing and shipping and provide a full range of services in freight rail transport between Russia and Finland. In the future, the joint venture could expand its operations to other EU countries.

The jv's main business will be shipping paper in covered wagons from Finland to Russia. The projected volume of traffic is 50,000 tons per annum.
 
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JSC Freight One is Russia largest rail transport operator. Russian Railways founded Freight One in July 2007 and holds its ordinary shares. Freight One began managing its rolling stock in November of that year and now owns over 200,000 units of rolling stock of different types, 21% of Russia total fleet. In 2008, JSC Freight One shipped over 100 million tons of freight.