A consortium comprising Basic Element, one of Russia’s diversified industrial groups; Russian Direct Investment Fund (RDIF) and Changi Airports International (CAI) has announced the acquisition of Vladivostok International Airport in Russia from Sheremetyevo International Airport.
Upon regulatory and corporate approvals, the consortium will own 100% of JSC Terminal Vladivostok, which owns and operates the airport terminal building, and 52.16% of JSC International Airport Vladivostok, which holds the airport license. Basic Element, RDIF and CAI each hold an equal interest of 33.3%.
Oleg Deripaska, chairman of the Supervisory Board at Basic Element, said, “We are happy to cooperate with RDIF and CAI on the development of one of the key airports in Russia and a strategic hub linking Russia and Asia. Thanks to Changi, our long-time partners, Basic Element has done a lot for the development of the airports in the Krasnodar region. Together with our partners in the consortium, we will create a high-tech aviation facility that delivers safety and comfort to its passengers and adheres to the highest standards in airport operations and service, and will eventually will unlock the Far East’s rich economic potential.”
Lim Liang Song, CEO of CAI, added, “Vladivostok is the largest economy in the Russian Far East, and is strategically placed to be the gateway between Russia and the Asia-Pacific. Together with our partners, RDIF and Basic Element, we will develop Vladivostok International as one of the best air hubs in the region, with strong air connectivity and top-class service – two of our priority areas. We will showcase the uniqueness and vibrancy of Vladivostok and the Russian Far East to the rest of the world through the airport, and open up this region to the vast opportunities in international trade and tourism.”
The consortium will focus on expanding the airport’s route network, increasing flight frequencies, and improving its service offerings through quality training to meet the demands of business and leisure travelers. Vladivostok International currently has the capacity to handle 3.5 million passenger per annum.