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PR Newswire
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Gennady Timchenko supports High-Speed Moscow-Beijing Railway - the "High-Speed Silk Road"

MOSCOW, November 24, 2014 /PRNewswire/ --

Speaking at a meeting with Moscow-based journalists from leading Chinese media, Gennady Timchenko, the Russian Chairman of the Russian-Chinese Business Council ("RCBC") discussed the possibility of a high-speed link between Beijing and Moscow. He stated that that he is keen to promote the idea that it will bring to both countries, in his capacity as Chairman of the RCBC. The meeting also discussed current and future prospects for bilateral economic relations between Russia and China, as well as matters of common interest, foreign policy and individual projects.

A summary of Mr Timchenko's comments a number of topics:

Historical background

Looking back to one of the first Chinese five-year plans, the Soviet Union as the "elder brother" helped Chinese industry by supplying almost 150,000 enterprises. We built machine-building plants, chemical factories ... Back then, it seems to me, relations were at the same level that we are seeing today.

Relations within APEC

The APEC free-trade zone could give a fresh boost to the development of trade in the region. The recent summit once again demonstrated the rapprochement between Russia and China. We signed an unprecedented gas contract and a number of other major economic agreements. These agreements are already taking shape in practical terms, with construction constructs being signed and energy resources being supplied to China.

Moscow is devoting a lot of attention to developing markets in the Asia-Pacific region. Whilst Europe is stagnating and the US is undergoing a process of rebuilding after the crisis. Markets in China and Asia-Pacific are growing, and that is where we see the potential.

High-speed rail link

I would like to single out the high-speed link between Beijing and Moscow, which one could call a "high-speed silk road". The route is already under serious consideration, and the Russian government is allocating budgetary funds for the planning process. The Moscow-Kazan section, which is where I think construction will begin, will give a serious boost to the development of transport infrastructure - without this it is hard to imagine the future development of regions both in Russia and in China. Preliminary estimates suggest that speeds between Moscow and Beijing will quadruple - in other words, the travel time between the two capitals will come down to 33 hours. Experts say that a high-speed rail link could carry more than 200 million passengers a year.

Of course, this rail link will have a huge investment effect, with new business and industrial centres developing along the route. For example, the town of Vladimir is located near Moscow, but to get there today currently takes several hours. A high-speed rail link will cut this to 40 minutes.

I believe that China will be interested in building the railway out to Europe. Today there is already a railway that connects Hamburg and Beijing and that passes through Russia. It's known as the "silk road". Goods from China arrive in Europe two weeks quicker by rail than by sea. You can see what the economic effect will be. The new railway will speed up goods flows even more. All of this will add 1-1.5% to the GDP of our countries.

I am a genuine supporter of this project, but I understand that it requires huge amounts of investment. How much Chinese money today is invested in US Treasuries? I believe it is more than USD 2 trillion. And what is this money doing? China is actually losing money on this investment, because of dollar inflation. Investment in the railway would pay for itself. Maybe not overnight, but we would create infrastructure connecting Asia with Europe for future generations.

Personal investments in the development of Russia-China relations

As a major shareholder in NOVATEK I am involved in a major project to construct an LPG plant in Yamal. We believe that by 2017 the first phase of the plant will be launched and will ship the first 3 million tons of LPG to China.

I would like to single out a project of Russian petrochemicals company SIBUR, where I sit on the board of directors. Together with the Chinese petrochemicals company, Sinopec, a synthetic rubber production plant is being built in Shanghai using Russian technology.

As co-chairman of the Russia-China Business Council I see our key goal as being to create a forum for businessmen that will help expedite implementation of joint projects in both Russia and China.

On flood control at hydro power plants in the Far East

There's an interesting example of the construction of hydro plants on the Amur River. Everyone knows that we have a problem with flooding pretty much every year, and that lots of towns and villages get flooded quite badly. By building four hydro plants on the Amur we can control the flooding problem and at the same time generate significant amounts of electricity that China needs. Electricity will also be supplied to help develop Russia's Far East. This is a great example of a project that has environmental and energy elements. The Russia-China Business Council has been involved in pushing forward this project, which from the Russian side is being undertaken by RusHydro.

US pressure and sanctions

US prosecutors recently claimed to have carried out another audit of Gunvor. I have still yet to hear any serious complaints directed at us, or for that matter any non-serious complaints. I see this as another attempted provocation against me personally, and to associate me with our President Putin. Of course they really want to smear him - that's the main purpose of this. I understand very clearly who is doing this and why. There can be no real charges, this can only be called a provocation.

Sanctions are affecting our business, and on a personal level I have had some difficulties with money transfers. Wherever possible we are trying to fight the sanctions. I would like to thank our Chinese comrades, because now, with some of our positions in the West weakening, the time has come for us to start developing actively and successfully in the East.

The future of Chinese hockey

Ice hockey is a game of huge interest in Russia. Even our country's political leaders like playing hockey. I have heard that China plans to submit a bid to host the Olympic Winter Games in 2022. If the Winter Olympics do take place in China, then it would probably be right for China to have its own ice hockey team. If we start working on this together now, then we can lend our knowledge, our experience, our trainers, our players, and start working with young Chinese players. I think that together we could create a decent Chinese hockey team.

Life goals and charitable work

In Russia as elsewhere, we have a lot of social problems. For this reason my wife and I created a charitable foundation. We have been doing charitable work since the 1990s, but we structured it as a fund only a few years ago. We live in Russia and want to improve the country, to improve social relations, and therefore charity is part of the social obligations of today's Russian businesspeople. Lots of people are doing this, not just us.

For further information please visit http://www.volga-resources.com

Anton Kurevin - +7 919 960 41 19

and

Stuart Leasor - +44 7703 537721


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