OREANDA-NEWS. November 18, 2013. The Russian Railways' holding company and a consortium of South Korean companies consisting of POSCO, HMM and KORAIL signed a memorandum of understanding in the presence of Russian President Vladimir Putin and South Korean President Pak Kin Hyo. The signing took place in the South Korean capital Seoul.

The memorandum provides for cooperation between the Russian Railways' holding and South Korean companies on implementing a project to reconstruct the railway line between Khasan in Russia and Rajin in North Korea and to create a universal transshipment terminal at the port of Rajin.

During the signing ceremony, Vadim Morozov, First Vice-President of Russian Railways, said that "the signing of the memorandum of understanding between Russian Railways and the South Korean consortium is strategically important, opening up not only new possibilities for the completely pragmatic investment of South Korean business in the Khasan - Rajin pilot project, but also creating the basis for the further restoration of the Trans-Korean Railway."