Railway Ministry to buy debts of Novocherkassk locomotive manufacturing plant

The Russian Railway Ministry will buy some part of accounts payable of the Novocherkassk locomotive manufacturing plant by August 15, 2002, Railway Minister Gennady Fadeyev told journalists today at a press conference devoted to the appointment of Vladimir Vorobyev as the head of the Northern Caucasus Railway. According to the Minister, this will be done to establish a better control over the plant.

Moreover, the Ministry will make orders for the plant's products totaling 1.5bn rubles (about $47m) by the end of this year. The plant's and Ministry's authorities have already signed a relative agreement, Fadeyev specified.