Moscow - The Russian company Transmashholding (TMH) International seeks to expand relations with Cuba and sign contracts worth 200 million euros, according to a source from the company.

Artiom Jajlov, director of the TMH International representation that wants to open a subsidiary in Cuba, told Prensa Latina that his country wants to participate together with Ferrocarriles de Cuba in the modernization of the sector in Cuba.

We have a long history of relations between TMH and Cuba and we have important projects to offer to that country, said Jajlov, during a visit organized by the Foreign Ministry for Metrovagonmash for ambassadors to Russia.

Cuba's railroad was the first in Latin America and has a history of more than 100 years. At this time, we want to participate in the modernization of the rail system, he said. Russian Railways is analyzing an agreement with Cuba for the modernization of the railroadss in the Caribbbean island, he said.

In our case, we intend to participate with passenger cars, the Tver factory, Metrovagonmash's diesel trains and locomotives of the main line of the Briansk factory in Cuba, he explained.

We are exploring the possibility of participating along with Ferrocarriles de Cuba in the restoration of locomotives, Jajlov underlined.

RMH International has experience in that regard, since we already did so in Argentina, even with locomotives from China and other suppliers. We want to analyze how we can locate that project in Cuba, the Russian executive noted.

In perspective, we would like to get involved in a construction plan of 68 passenger cars and 28 diesel trains in Cuba, while we explore contracts to produce 23 locomotives, Jajlov added.

TMH International was established in January, but it has already reported revenues of 100 million dollars, and it opened branches in Argentina, Egypt, South Africa, Croatia and Kazakhstan. The company employs about 700 specialists.