site.btaGovernment Extends until 2046 Concession for Burgas, Varna Airports, Increases Investment Requirement

The Government accepted Wednesday the motivated proposal of the concessionaire Fraport Twin Star Airport Management AD to amend the concession agreement for the airports in seaside cities of Burgas and Varna, thereby extending the concession period by five years until November 10, 2046.

The concessionaire undertakes to make additional investments totalling EUR 10 million in the concession sites. The investments to be made by the concessionaire thus total EUR 413 million.

The concessionaire's proposal is warranted by the new critical economic conditions caused by the ongoing COVID-19 pandemic and the military conflict between Russia and Ukraine, which have led to a serious decline in passenger traffic. The concessionaire points out that these factors directly affect the aviation sector and have a significant adverse effect on the company activities as operator of the two airports.