Bulgarian Cabinet Awards Concession for Gorna Oryahovitsa Airport

Business | January 20, 2016, Wednesday // 13:06
Bulgaria: Bulgarian Cabinet Awards Concession for Gorna Oryahovitsa Airport Photo: Website of Gorna Oryahovitsa airport.

The Bulgarian government awarded the concession for the airport in the town of Gorna Oryahovitsa to the sole participant in the procedure – Civilian Airport Gorna Oryahovitsa Consortium.

This became clear after the regular meeting of the Council of Ministers on Wednesday, the government's press service informs.

The concession is awarded for a term of 35 years, with the concessionaire exempt from any payments for the first 48 months after the agreement enters into force.

Thereafter the concessionaire will have to make an annual payment amounting to either 10% of net revenues from all activities related to the concession or BGN 70 000, whichever of the two sums is greater.

The investments which the concessionaire has to make within the term of the concession amount to BGN 32.1 M, with BGN 22.4 M to be invested in the first four years.

A concession agreement has to be concluded within a period of two months after the government's decision to award the concession.

The transport minister has been identified as the body responsible for concluding the agreement and exercising control on the implementation of the agreement.

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Tags: Bulgaria, airport, Gorna Oryahovitsa, concession
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