Skanska and Sheremetyevo International Airport plan to develop the Moscow international airport.
Skanska and Sheremetyevo International Airport have signed a protocol of intents to jointly develop the Moscow international airport into a modern European airport.
| PRESS RELEASE, MARCH 2, 1999 21/99 Skanska and Sheremetyevo International Airport plan to develop the Moscow international airport. Skanska and Sheremetyevo International Airport have signed a protocol of intents to jointly develop the Moscow international airport into a modern European airport. The cooperation is aimed at constructing new airport terminals and infrastructure as well as renovating, upgrading and expanding the airport's existing facilities. The aim is that by the year 2010 the airport will be able to serve about 30 million passengers per year, compared with the current 11 million. The project will be initiated with a study phase to identify needs and conditions with regard to traffic volume, revenues and financing. Thereafter, the partners jointly will decide how and at what pace the project will proceed. The total investment requirement during the period 1999 to 2010 is estimated at about USD 1 billion, about SEK 8 billion. Most of this amount is the cost for construction. The estimated investment in the first stage is USD 200-300 million, about SEK 1.6-2.4 billion, which includes a new international passenger terminal. In a jointly owned company, Skanska and Sheremetyevo will develop, finance, design and build the airport. Skanska has a key role as project developer, contractor and in arranging the financing. Skanska BOT, the Group's unit for investment in projects and infrastructure, and the Finnish subsidiary Skanska Oy combined provide the competence within project development. In addition, Skanska BOT will invest in the project and Skanska Oy will be responsible for the necessary construction work. "This is a good example of how we can combine the Group's know-how as project developer and builder with our financial strength and expertise. In this manner we can participate in the entire chain from idea to operation. We believe in Russia over the long term and we have a strong platform as local project developer and builder in the Moscow area, " says Claes Björk, President and CEO of Skanska. "The renovation and development of the airport is a very important issue for us and for the Moscow region," says Sergei Sutulov, Director General of Sheremetyevo International Airport. "We have considered the project for years and, now that we have Skanska as a partner, we are convinced that together we can realize our intentions successfully." Skanska has previously participated in similar kinds of privately financed infrastructural projects. One example is the new airport terminal in Budapest which was completed last year. Skanska is participating as an investor, builder and operator in the highway construction project between Helsinki and Lahti. This was also the case for the privately-financed Bridgend prison project in Wales, which was completed in 1998.
Danderyd, March 2, 1999 SKANSKA AB
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