New Sheremetyevo terminal draws investment

Moscow international airport Sheremetyevo is to open a new terminal in March next year with an approximate cost of around $300 million.

Russia's largest bank, Sberbank, and the German Nordbank will invest $220 million into the new terminal.

Sheremetyevo general director, Mikhail Vasilenko, confirmed that plans and said that large scale investment is needed.

“The ministries of Transportation and Economic Development are preparing documents to hand over the property of Sheremetyevo Airport as a concession or lease. We are doing this to attract money, but in order to create a huge airport complex we need a serious investor.”

“The government is working on our assumption that $500-600 million or euros – depending on the amount of construction, is needed for connecting terminals, bulding a technical facility near the third runway , and a new terminal in place of the first one.”

German construction company Hochtief is to be the main contractor in charge of buildling the new Terminal.

This is according to the company's general manager Tom Schmidt, who described how Hochtief is performing in Russia.

“Last year increased for roughly 40 percent, and next year we will decrease by some 50 percent that means we will come to the total that we had two or three years ago. The next year we plan to see something in between 120 to 130 milion Euro. Starting from the next year we are coming more back to the basics, we are coming back to the volumes of construction business we had some three or four years ago."