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The Baltic countries will not sign a shareholders' agreement for RB Rail, their joint venture for the European-standard gauge railway project Rail Baltica, in the summer, as expected, because some procedures have not yet been completed, Lithuanian Transport Minister Rimantas Sinkevičius said.
Rail Baltica deal will not be signed before September
© DELFI (R.Achmedovo nuotr.)

There were plans to sign the agreement on or around 23 August, when the three countries are marking the 25th anniversary of the Baltic Way, but most probably this will have to be done in September because Estonia is yet to establish its company that will become a shareholder of RB Rail, the minister said.

"The shareholders' agreement has been prepared and the talks are over. The Latvians set up their company some two weeks ago, but Estonia has not done so yet. As far as I know, this should be done next week. I think we'll be able (to sign the agreement) in September," he told BNS.

The prime ministers of Lithuania, Latvia and Estonia in Tallinn in June signed a statement on the establishment of a joint venture for Rail Baltica. The company will oversee the implementation of the project and apply to the European Commission for funding.

Rail Baltica Statyba, a subsidiary of the Lithuanian state railway company Lietuvos Geležinkeliai (Lithuanian Railways), will hold a one-third stake in the joint venture and Latvian and Estonian companies will own the remaining shares.

The total length of Rail Baltica is around 360 kilometres in Lithuania, slightly more than 300 kilometres in Latvia and about 300 kilometres in Estonia.

The European-standard gauge railway will connect Helsinki with Warsaw through Tallinn, Riga, Kaunas and Vilnius and will be extended up to Berlin.

BNS
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