Pulkovo Airport

completed

The Project is to expand, develop, operate and maintain the Pulkovo airport in St. Petersburg, Russian Federation, the only civil airport in the city and the fourth largest airport in the Russian Federation, serving 6.8 million passengers in 2009. The City of St. Petersburg has privatized the Pulkovo airport under the terms of a Public Private Partnership Agreement (“PPPA”) and awarded the concession to Northern Capital Gateway (the “Company”), a consortium that comprises of VTB Capital, Fraport AG Frankfurt Airport Services Worldwide and the Copelouzos Group, to upgrade, expand and operate the airport for a period of thirty years. According to the PPPA, the Company will make mandatory investments between 2010 and 2013 (Phase 1) for the development and reconstruction of airport infrastructure including aircraft parking aprons, passenger terminal buildings, surface access and expansion of the airport utilities. The Project is estimated at EUR 1.2 billion, the largest component of the investment being the construction of a new passenger terminal building adjacent to the existing Pulkovo 1 building. The design concept involves the full refurbishment and integration of Pulkovo 1 into the new terminal building. The proposed IFC financing is to provide funding to the Company for the construction of a new terminal as well as the refurbishment of existing infrastructure of the airport. It is expected that major construction works will commence in 2010 and be completed by the end of 2013.