OREANDA-NEWS. On July 16, 2009 VTB Group, the Government of St. Petersburg and Fraport AG Frankfurt Airport Service Worldwide (Fraport AG) signed the Memorandum of Understanding (MOU) in frames of Russian – German interstate consultations in Munich, reported the press-centre of VTB.

The signing ceremony with participation of Andrei L. Kostin, VTB Bank President and Chairman of the Management Board, Valentina Matvienko, Governor of the City of St. Petersburg, and Wilhelm Bender, CEO of Fraport AG, was attended by both heads of state – Dmitry Medvedev, President of Russian Federation, and Angela Merkel, Chancellor of the Federal Republic of Germany.

The MOU aims at development of Pulkovo airport, main gateway of St. Petersburg, to make it the international world class hub. The MOU was signed following the results of the open tender for the right to conclude an agreement on the development, reconstruction and operation of Pulkovo airport, the fourth largest in Russia. Northern Capital Gateway Ltd. Consortium consisting of VTB Capital, Fraport AG (and Copelouzos (investment and business group, Greece) was officially declared as the winner of the tender on June 25, 2009.

The tender bid submitted by the consortium led by VTB Capital has been recognised as the best based on a combination of technical, legal and financial criteria. The Northern Capital Gateway consortium will build and put into operation a new modern passenger terminal complying with to the highest international standards. The existing airport’s infrastructure will also be reconstructed. Providing the top class service to both passengers and airlines will be the key target for the consortium for the entire 30 years of the concession.

Andrei Kostin, President and Chairman of the Management Board, VTB Bank, said: “The MOU signing that was attended by the Governors from Russia and Germany is one of the key steps in project’s development. The initiative is of strategic importance for the Russian economy. The Pulkovo project will enable the development of St Petersburg as a world business and touristic centre, facilitate investment flows and strengthen international affairs of Russia.”

Yuri Soloviev, President and Global CEO at VTB Capital, added: “The Pulkovo project is the first large scaled Public Private Partnership in Russia and we will do our best to lead it to success. VTB Capital has the expertise and all the resources necessary to successfully manage infrastructure projects in Russia and abroad in current market environment.”