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Comments of Oleg Pankratov, Co-Head of Global Banking and Head of Infrastructure Capital at VTB Capital, for Project Finance online (UK)

1 September 2011

VTB and Aeroexpress plan Pulkovo rail link


Project Finance online (UK)

VTB Capital and Aeroexpress have formed a joint venture to develop a rail link between St Petersburg's Baltiisky station and Pulkovo Airport. The two sponsors of the company, which has been formed to implement the project, have yet to decide on a project structure, but Oleg Pankratov, VTB Capital's head of infrastructure capital, estimates the project's cost at between R10 billion ($345 million) and R15 billion. Aeroexpress runs the rail services that link Moscow's city centre to its Vnukovo, Domodedovo and Sheremetyevo airports, and its majority owner is Russian Railways. VTB owns 57.5% of Northern Capital Gateway, the project company for the Pulkovo concession, and was its financial adviser. 

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