Moscow's Sheremetyevo airport postpones new terminal on COVID-19

By bne IntelliNews July 20, 2020

Russia's largest airport Sheremetyevo, the base hub of national air carrier Aeroflot Group, will postpone the $0.4bn construction of the second stage of Terminal C until at least 2030 due to the coronavirus (COVID-19) crisis, the company said in its annual report. 

As reported by bne IntelliNews, Sheremetyevo had previously adopted an ambitious $2.5bn investment plan aiming for a passenger turnover increase from 80mn to 100mn people.

The airport is growing and kicked off 2020 by launching Terminal C1 and increasing its capacity by 20mn passengers to 80mn people annually, but the COVID-19 pandemic upset the plans.

In January-May 2020 Sheremetyevo saw its passenger turnover halve to 9.2mn people. The airport estimated that in 2020 the turnover could plunge three-fold to 17mn from 50mn people seen in 2019.

Reuters reminds on July 17 that the planned completion of C2 has already been postponed from 2023 to 2026. The airport will also push the $120mn reconstruction of Terminal F to 2031.

Sheremetyevo Holding that owns 66% in the airport is controlled by Cyprus-registered TPS Avia Holdings, controlled by Alexander Ponomarenko and Alexander Skorobogatko (65%) and stoligarch Arcady Rotenberg (34.78%).

Previous reports suggested that the airport could go fully private after the state property agency Rosimushestvo received a bid for a 30% stake from an unnamed private investor, valued at up to $1bn.

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