Poltava Locomotive Plant Seeking Strategic Investor, Wins New Orders

Poltava Locomotive Overhaul Plant’s (PTRZ: N/R) CEO Sergei Pavlyuchenko said at a press conference yesterday that in order to modernize Ukraine’s diesel locomotive fleet, the company will have to attract a strategic investor. Pavlyuchenko said the company received an order to modernize 18 of Ukrzaliznytsya’s diesel locomotives by 2008. PTRZ hopes to win a tender for 10 more orders from the state railway monopoly next year. Separately, Pavlyuchenko said that the plant also signed an agreement with Yakut Railroads (Russia) to modernize 42 locomotives (jointly with three other companies) by 2010. According to him, the cost to modernize one diesel locomotive is about USD 0.4-1.0 mln.