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Summa Wins Rail Contract

Ziyavudin Magomedov's Summa Group won the right to build a 44.3 billion ruble ($1.4 billion) section of a railroad to coal fields in eastern Siberia, near deposits to be developed by Evraz and Severstal.

Stroynovatsiya, part of the Summa Group, was awarded a contract by the Railway Transportation Agency to build 147 kilometers of the Kuragino-Kyzyl line to the Tyva region, according to the State Purchases disclosure web site.

Another 255 kilometers will be funded by Yenisey Industrial, co-owned by Igor Altushkin and Ruslan Baisarov. Yenisey, which has the right to develop the Elegest coal deposit in Tyva that holds about 855 million tons of reserves, may spend as much as 86 billion rubles on the line and hasn't yet picked a contractor, its press service said Friday.

(Bloomberg)

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