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Last week, Ulan Bator Railway shareholders unanimously elected Russian Railways Vice President Vadim Morozov as chief executive officer.

Founded in 1949, Ulan Bator Railway handles more than 60 percent of Mongolia’s freight transportation. In August 2009, the Russian Federation transferred its 50 percent stake in the railway to the Russian Railways for a five-year period. The other 50 percent stake is owned by the Mongolian government.

Morozov plans to make Ulan Bator Railway more efficient and establish a long-term growth strategy.

“The first priority is to swiftly conclude inter-governmental procedures for increasing the authorized capital of Ulan Bator Railway to $250 million by signing a corresponding intergovernmental agreement,” he said in a prepared statement.

In addition, Morozov plans to pursue a joint Russian-Mongolian project that calls for building new rail infrastructure in Mongolia to bolster domestic services and improve transit for freight moving through the country.