Aviation News Item: 00077

31st Oct 2009

Source: evaint.com

Fraport AG's executive board chairman, Dr Stefan Schulte, has signed a public-private-partnership agreement (PPP agreement) for developing, reconstructing and operating St. Petersburg's Pulkovo Airport, the fourth largest airport in Russia.

Using its extensive expertise, Fraport intends to make Pulkovo Airport the main transportation hub for one of Russia's most popular tourist regions and to expand and operate it in a steadily growing market.

Fraport holds a 35.5 per cent stake in the Northern Capital Gateway consortium; its partners are VTB Bank (with 57.5 per cent), Russia's second largest financial institution and Copelouzos Group (7 percent), a Greek business and investment conglomerate. Northern Capital Gateway will be responsible for the future development of the airport at St Petersburg, Russia's second largest metropolis.

The 30-year PPP agreement provides for construction of a new passenger terminal, expansion of apron areas, development of real estate adjacent to the terminal, and modernisation of existing infrastructure. A total investment volume of EUR1.4 billion is planned.

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