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RUSSIAN-owned Far Eastern Shipping Company (FESCO) and Korea Marine Transport Co (KMTC) have signed a memorandum of understanding (MOU) outlining the principles of joint work, terms and conditions for the time period through to the end of 2016.

FESCO president R Alikhanov, KMTC president JS Park signed the agreement paving the way for Russia's commercial port of Vladivostok, part of FESCO, to accommodate KMTC vessels starting this month.

The two parties also signed the contract and tariff and service appendix for rendering stevedoring services and cargo storage in the port. The terms and conditions of the agreement will be agreed upon by the parties on a yearly basis.

"Long-term mutually advantageous cooperation between FESCO and KMTC will boost containerised cargo volumes destined to east-west route," Mr Alikhanov said.

"We are confident that partnership of Russian and Korean transport companies based on their commitment to strictly perform obligations will make it possible to exploit the transit opportunities of our country more and develop the Russian Far East," he said.