Kazakhstan Temir Zholy and Azerbaijan Caspian Shipping Company signed a Memorandum of association to establish the “Ferry Express Logistics” JV between KTZ Express Shipping and ACSC logistics. Under the agreement, Azerbaijan owns fifty percent of the JV’s shares, while the remaining part is owned by Kazakhstan.
The agreement aims to further strengthen bilateral cooperation in the field of transport and logistics, including the development of the Trans-Caspian International Transport Corridor.
A unified commercial operator for sea transport will be created to operate ferries and dry cargo ships along the route Kuryk (Aktau) -Alyat (Baku) -Kuryk (Aktau).
The Azerbaijani company said that the JV will give a momentum to the development of the Trans-Caspian International Transport Route (TCITR), implementation of its potential and its effective use, and will become effective after the full commissioning of the Baku International Sea Trade Port and Kazakhstan’s Kuryk port, as well as the Baku-Tbilisi-Kars railway.
The document is a main part of the agreement on strategic cooperation signed between the two sides in December 2016.
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