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Champagne Uncorked for Bulgarian Airports

Date: 11.09.2006

Fraport invests 403 million euro in Varna and Bourgas Black Sea Airports

Bulgaria's Black Sea airports will finally look European. After a delay of a year and several months, concessions will granted for the airports in the cities of Varna and Bourgas. The investments in the two airports will reach over 403 million euro in the next 35 years, it transpired at the signing of the contract between Bulgaria and Fraport Twin Star Airport Management AD.

Bulgaria's Minister of Transport, Peter Mutafchiev, Chief Executive Director of Fraport, Andreas Helfer and Fraport's Chief for Bulgaria, Tihomir Trifonov proposed a toast with champagne for the accomplished contract.

"The size of the investment in the two airports may increase to 563 million euro due to the expected inflation," Mr. Helfer forecast.

Over 23 million euro will be invested in Varna and Bourgas Airports in the first year alone. This money will go for the most urgent repair works. Another 100 million euro will be invested till 2009.

Within a month's time, Fraport will pay the Bulgarian state a concession bonus of 3 million euro. A negotiated 19,2% of the total revenues from the airports or from the size of the airport charges will plenish the Bulgarian treasury every year.

An average 10-20% increase of passenger flow is expected in Varna and Bourgas Airports in the next few years.

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