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8 July 2019 Sinara Group and ATEF Group of Companies Have Signed Memorandum of Understanding

Sinara Group and ATEF Group of Companies signed a Memorandum of Understanding on July 7 at the INNOPROM-2019 International Industrial Trade Fair within the framework of the meeting between Minister of Industry and Trade of the Russian Federation Denis Manturov and Minister of Economy of the Republic of Azerbaijan Shahin Mustafayev. The document was signed by General Director of Sinara Group Mikhail Khodorovsky and Deputy Chairman of the ATEF Supervisory Board Ramiz Rzayev.

In accordance with the Memorandum, the parties identified priority areas for joint business development in the field of transport engineering, including supply of traction rolling stock and track equipment for laying and repairing railway tracks, and also confirmed their intentions to implement joint projects in the energy sector.

Currently, Sinara-Transport Machines Holding, part of Sinara Group, is a leader in the production of track equipment and its after-sales maintenance in Russia. ATEF Group of Companies unites nine plants in Azerbaijan involved in production of transformers, cable and wire electrical products, metal structures, and also implements projects in the field of construction and railway electrification services.

According to General Director of Sinara Group Mikhail Khodorovsky, a list of joint programs will be drawn up in the framework of bilateral cooperation in the near future. The parties will form implementation roadmaps for each of the programs. They will also determine an order of interaction in export supplies, which the companies intend to implement in the markets of Russia, Azerbaijan and other countries during the year.