Russian Railways Logistics takes stake in Latvian rail freight forwarder
LATVIA: Russian Railways Logistics has acquired a 50% stake in Riga-based freight forwarding company Liepājas Naftas Tranzīts through its RZDL Multimodal business.
Announcing the deal on April 9, RZDL said its aim was to expand the rail freight market and establish a ‘consolidated rail transport chain’ connecting with Latvia’s ports which would enable it to offer westbound transit services with ‘stability and regularity’. RZDL will also provide LNT with legal support in the Russian market.
RZDL is a subsidiary of the United Transport & Logistics Co intermodal freight joint venture of the national railways of Russia, Kazakhstan and Belarus. It ‘is developing business in Europe and Asia as a priority’, according to RZDL Chief Executive Pavel Sokolov. ‘Currently we have a joint venture Euro Rail Trans operating in that area. We believe that the co-operation with the Latvian-based freight forwarder will give us a lot of new opportunities in the multimodal transport market in the EU.’