The government has amended the list of state property items to be privatized under a corresponding program for 2003. According to the Government Information Department, privatization holds true for 1,978 state-owned stakes in public companies and 970 federal state enterprises. In addition, the government has decided to privatize property of federal railroad facilities by regrouping them under the umbrella of a new public company Russian Railroads. The government is due to approve a decree on setting up the new company before September. The expected balance sheet value of assets transferred to this company would amount to 1.7 trillion rubles (about $56bn), including 1.35 trillion rubles (nearly $44.5bn) in fixed assets. The Russian Railroads company is expected to start operating in the fourth quarter of 2003.