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. 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.
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