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. Last Updated: 07/27/2016

RZD in Joint Bid for Polish Operator

Russian Railways, or RZD, and its German counterpart Deutsche Bahn will jointly bid for a Polish cargo operator, RIA-Novosti reported, citing RZD chief executive Vladimir Yakunin.

Yakunin, speaking to reporters Monday, declined to specify which Polish company they were seeking to buy, RIA-Novosti said.

The Russian and German companies agreed last year to cooperate on shipping freight between Europe and Asia via the Trans-Siberian Railroad to compete with sea routes.

State-owned RZD plans to borrow 140 billion rubles ($5.6 billion) from abroad next year to upgrade its network.

State-owned Russian Rail can get the loans it needs from foreign banks at lower rates than those offered by domestic financial institutions, Yakunin said, in remarks reported by RIA-Novosti and confirmed by company spokeswoman Yelena Kulakova.