ST. PETERSBURG, June 1. /TASS/. Russian Railways may sign a contract on the project to upgrade railroads in Cuba estimated at 1.8 bln euro by the end of this year, the company’s First Vice President Alexander Misharin said on the sidelines of the St. Petersburg International Economic Forum (SPIEF-2017) on Thursday.

"By the end of this year, we’re on schedule," he said when asked when the contract may be signed.

"We’ve defined the scale of works on Cuba’s railway upgrade and signed a protocol with the Cuban Union Railways worth 1.8 bln euro," he said, adding that the contract stipulates running lines’ upgrade, repairs, and equipment supplies.

"Currently we have to agree the terms of financing," Misharin added.

Earlier Deputy Chief Executive Officer of RZD International (subsidiary of Russian railways - TASS) Oleg Nikolayev said the plan is to upgrade 1,100 km of rail tracks on three main lines in Cuba. Russian Railways are viewing an opportunity of opening its branch in Cuba, he added.