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The concessions of the airports in Varna and Burgas will be expanded in scope to facilitate investments. Photo by Burgasinfo
Bulgaria's Cabinet has approved the inclusion of additional assets into the concessions of the Varna Airport and the Burgas Airport, arguably in order to facilitate the concessionaire's investment program.
In 2006, the airports in Bulgaria's Black Sea cities Varna and Burgas were granted on concession to Fraport Twin Star Airport Management company, a German-Bulgarian consortium between the Varna-based TIM group's holding "Chimimport" (40%) and the German "Fraport."
On Wednesday, the Bulgarian government decided in favor of signing an annex to the concession contract in order to include in it new properties and facilities currently managed by the state Bulgarian Air Traffic Services Authority.
The change of the concession contracts is said to allow the concessionaire to construct new passenger terminals in the two airports, and to execute general investments for their reconstruction and modernization.
The expansion of the airports has already been included in the new territorial organization plans of the respective municipalities.
On Monday, Fraport announced that the airport in Bulgaria's Black Sea capital Varna will be closed down for unprecedented repairs after the end of the 2011 summer tourist season.
The Varna Airport will be undergoing repairs from October 15, 2011, till February 28, 2012. This is the first time the airport will be shut down since it was opened on May 9, 1948.
In 2010, Fraport Twin Star Airport Management paid the Bulgarian state a total of BGN 13 M for the concessions of the Varna Airport and the Burgas Airport.
In addition to Fraport's investments, the changes to the concession contracts are necessitated by the needs of the border control in Southeast Bulgaria as an external border of the European Union.
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