
Russia is eyeing a project worth about $25 billion to overhaul North Korea's railway network in return for access to mineral resources in the hermit state, Moscow's government daily reported on Thursday.
The mammoth project would involve the modernisation of about 3,000 kilometres (1,875 miles) of the Stalinist nation's ageing railroads over a 20-year period, minister for development of Far Eastern Russia Alexander Galushka told state-run Rossiskaya Gazeta.
"It is a commercial project that is mutually advantageous," Galushka was quoted as saying.
The railway upgrades would focus first on the sections near deposits of natural resources, said the minister.
Income from the exploitation of deposits would then go to a joint Russian-Korean company to fund the railroad overhaul, he said.
North Korea is thought to be lying on vast reserves of resources, including uranium, iron ore, magnesium and other minerals.
North Korea had warm ties with the former Soviet Union based on shared ideology. Russia retains relatively close ties with its neighbour but has backed Western powers in dealing with Pyongyang's nuclear ambitions.
In May, Russian President Vladimir Putin signed a law cancelling 90 percent of North Korea's $10.94 billion debt to Russia from Soviet-era loans.
Moscow has looked to boost ties with Asia in the face of harsh sanctions from the EU and US over its role in the Ukraine crisis.
GMT 09:54 2018 Tuesday ,23 January
Davos-bound bosses very upbeat on world economyGMT 09:37 2018 Tuesday ,23 January
Former KPMG executives charged in accounting oversight scamGMT 22:49 2018 Sunday ,21 January
Brexit special trade agreement possibleGMT 22:46 2018 Saturday ,20 January
China economy rebounds in 2017 with 6.9% growthGMT 22:37 2018 Saturday ,20 January
GE takes one-off hit of $6.2 bn linked to insurance activitiesGMT 19:58 2018 Saturday ,20 January
Watchmakers hope to make Chinese market tickGMT 19:54 2018 Saturday ,20 January
US shutdown unlikely to harm debt rating: FitchGMT 19:50 2018 Saturday ,20 January
EU's Moscovici slams Ireland, Netherlands as tax 'black holes'

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor