Fraport Twin Star JV invests another 10 million euros in the Bulgarian airports of Burgas and Varna as part of an extended concession

SOFIA (Bulgaria), Sept. 21 (SeeNews) – Fraport Twin Star Airport Management, a 60/40 joint venture between Germany’s Fraport and Bulgarian company BM Star, has received approval for its application for a five-year extension through Nov. 10 2046 concessions for Bulgaria’s coastal airports in Burgas and Varna, the Bulgarian government announced on Wednesday.

As part of an amendment to the concession agreement, Fraport Twin Star will also increase the total investment amount required for the duration of the concession at the two airports by €10 million to a total of €413 million (US$409.2 million). The government announced this in a press release.

“The decision to change is issued on the basis of a reasoned proposal by the concessionaire, justified by the economic hardship caused by the ongoing COVID-19 pandemic and the military conflict between Russia and Ukraine, which have led to a significant decrease in passenger traffic,” the said government with.

Fraport Twin Star pointed out in its proposal that these factors have an immediate impact on the airline industry and have significantly affected its operations as the operator of the two airports.

Last week, the company announced that the combined number of passengers handled by Varna and Burgas airports increased by 66.7% year-on-year to around 2.34 million in the eight months to August. The cargo handled at the two airports rose by 47.2% annually to 5,412 tons in the same period.

In 2006, Bulgaria initially granted the joint venture a 35-year concession for the airports in Burgas and Varna.

($ = 1.00934 euros)

About admin

Check Also

Further TCAT service cuts this week due to bus maintenance bottlenecks

Tompkins Consolidated Area Transit (TCAT) said earlier this month that “a maintenance backlog on buses …