PSA and Kazakhstan Railways sign Trans-Caspian rail corridor pact
Singapore-based terminal operator PSA International has formed a joint venture with Kazakhstan’s main rail network operator Kazakhstan Railways (KTZ) to promote the development of the Trans-Caspian International Transport Route (TITR).
The TITR is a rail corridor route that travels through China, Kazakhstan, the Caspian Sea, Azerbaijan and then Georgia, enabling products to be shipped through Black Sea ports to European countries and Turkey.
The joint venture agreement, signed in the presence of Singapore’s President Halimah Yacob and Kazakhstan’s Prime Minister Alikhan Smailov, will see the JV company KPMC look to develop the TITR through initiatives such as the organisation of block trains and provision of station-to-station products and services.
“This increases cargo flow, improves transit times and reduces the cost of transportation through the TITR,” PSA said.
Tan Chong Meng, Group CEO of PSA International, commented: “This joint venture is a milestone moment for PSA, as it expands our global footprint into Central Asia, and reflects our continued commitment to enhance global connectivity and enable sustainable trade. By partnering with KTZ to develop a holistic physical and digital ecosystem for the users and stakeholders of the Trans-Caspian International Transport Route, we seek to create a seamless and efficient logistics network that offers cargo owners a vital and valuable option to improve the agility, resilience and sustainability of their businesses.”
The deal is subject to customary conditions, including regulatory approval.