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.