Project number:


Business sector:


Notice type:


Environmental category:


Approval date:

14 Sep 2010



PSD disclosed:

13 Aug 2010

Translated version of this PSD: Russian

Project Description

The EBRD is considering providing a senior loan of up to RUB 650 million for up to 7 years to OJSC “New Forwarding Company” (NPK) for the expansion of its rolling stock fleet to allow it to maintain its position as the leading private rolling stock operator in Russia.

Transition Impact

The transition impact of the proposed investment is derived from:

- its support and strengthening of the private sector. Supporting an independent transport company’s expansion strategy would enhance competition, as currently many transportation companies belong to major industrial companies and mainly transport the cargo of the parent company. Having an independent transportation alternative would foster competition and create value by promoting outsourcing opportunities, as industrial companies increasingly switch to independent operators rather than invest in their own transport subsidiaries.

- more widespread private ownership. The Bank’s support of NPK's expansion strategy would allow it to take advantage of the opportunities presented by the growing railway transportation market and increase its market share. This in turn would expand private ownership in the railway sector in Russia.

The Client

New Forwarding Company (NPK), the main operating subsidiary of Globaltrans Investment Plc (GTI) - a Cyprus based holding company that coordinates the rail transportation activities of the N-Trans group. GTI is the top private railway transportation company in Russia in terms of operational efficiency, financial performance and number of wagons owned. GTI has been active on the railway market since 2003 and listed on LSE since 2008.

EBRD Finance

Senior loan of up to RUB 650 million for up to 7 years to NPK.

Project Cost

Up to RUB 4,550 million

Environmental Impact

Categorised B in accordance with the EBRD Environmental and Social Policy 2008. The environmental and social due diligence was conducted by the Bank on the basis of the review of questionnaires and discussions with the company's management covering their policies and regulations in the area of environment, health, safety, human resources and stakeholder engagement. The due diligence identified that the increase of the Company's rolling stock fleet will not result in significant environmental or social impacts and that the Company is in compliance with the relevant EBRD Performance Requirements.

It has in place an environmental policy, which embodies principles of regulatory compliance, protecting natural resources and biodiversity, pollution prevention, labour safety, respect for the rights and lifestyle of indigenous peoples and environmental, health and safety training of personnel. The company relies on the third-party services in operation and maintenance of the rolling stock and the principles of the Company's environmental policy are communicated to third parties providing services to the Company. The Company implements its policy by reducing the empty runs of railcars, regular maintenance of railcars based on actual use, and opting for maintenance and repair companies that use environmentally-friendly technologies with minimum wastewater and waste production.

The Company's railcars may sometimes transport environmentally sensitive materials, but as a freight forwarder and operator its responsibility for accidental spills and derailments are limited. It is a responsibility of shippers to obtain an accidents and incidents insurance cover for transportation of goods, while Russian railways (RZD) as the railway carrier bears the operational risk and is responsible for emergency planning and response. RZD is also responsible for ensuring and monitoring compliance of transported goods with technical specifications of railcars and availability of relevant permits and conducting inspections of the railcars at the time of loading and unloading of cargo.

The Company has assigned health and safety responsibilities to a number of managers and employees, and regularly provides health and safety training to its workers and induction for all new employees. The Company also develops and implements health and safety protection plan every year. Assessment of workplaces is conducted every 5 years and regular mediсal checks are provided to all employees.

The Company also has in place internal employment regulations, which specify the rights and obligations of the employer and employees. Social benefits are provided to all employees that are additional to what is required by relevant Russian regulations and includes, inter alias, a guaranteed paid child delivery and maternity medical insurance, train commuting subsidy for employees, and a selection of other fringe benefits such as medical insurance for employees and their family members. A grievance mechanism is available and every employee has an access to a hotline with the management through the Company's intranet.

Technical Cooperation


Company Contact

Roman Goncharov, CFO of OJSC “New Forwarding Company”

16/15, b. 6, Spartakovskaya sq., Moscow, 105082, Russia
Tel: +7 (495) 788 05 75
Fax: +7 (495) 788 05 73



Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

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Text of the PIP

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