RUSSIA: An agreement for the development of an electric rolling stock factory in St Petersburg was signed by the city’s government and Transmashholding during June.

The cost of at least 3bn roubles will be financed by TMH, which expects to create more than 1 000 new jobs and accelerate technical development in partnership with locla suppliers.

TMH currently owns the OEVRZ plant in the city, which produces rolling stock including metro trainsets, and also leases the PK TS Nevsky Electric Transport Plant.

The new plant is likely to be in Kolpino, southeast of St Petersburg, and will enable the current 42 ha OEVRZ site to be sold for residential development. A 2021 study put the cost of relocation at US$400m.