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Events

President Vladimir Putin signed the Federal Law “The Ratification of the Agreement on the International North-South Transport Corridor”

March 13, 2002
00:00

The law was adopted by the State Duma on February 13 and approved by the Federation Council on February 27, 2002.

The agreement concerned was signed in St Petersburg on September 12, 2000 by Russia, Iran, India and the Sultanate of Oman, and laid the foundation for cooperation between Russia, India, Iran, and Caspian Sea and Persian Gulf countries in exploiting the existing transport infrastructure. The corridor will run from the Indian Ocean and the Persian Gulf across Iran, the Caspian Sea and Russia to Western and North-Western Europe.

Compared with the existing route via the Suez Canal, cargo transportation through the North-South corridor will reduce costs by 15–20% and cut delivery times by 15–20 days. Annual earnings from the corridor are estimated at $5–6 billion.

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Published in section: News

Publication date: March 13, 2002, 00:00

Direct link: en.kremlin.ru/d/26991

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Official Website of the President of Russia:

President Vladimir Putin signed the Federal Law “The Ratification of the Agreement on the International North-South Transport Corridor”

http://en.kremlin.ru/events/president/news/26991

Last updated at March 20, 2015, 17:59

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