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April 6, 2022

Fraport cannot divest St Petersburg airport stake prior to 2025

Divestment of the interest would provide Russia with an asset valued at a low three-digit million euro sum.

Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict

German transport company Fraport cannot dispose of its interest in St Petersburg airport in Russia earlier than 2025, according to the company’s CEO Stefan Schulte, reported Reuters.

If a sale materialised, it would still be subject to conditions and not automatically be helpful to Ukraine or contribute to an end to the invasion, the CEO was quoted as saying.

He also noted that divestment of the interest would provide Russia with an asset valued at a low three-digit million euro sum.

“Our concession is linked to a sales ban until 2025,” stated Schulte in a news conference.

Addressing concerns that military planes could fly from the civilian airport, Schulte said that it cannot influence flight departures.

The news agency reported Schulte as saying: “We only hold a 25% stake in the airport operator, so we are not involved in airport operations ourselves. But we also have no way of influencing take-off and landing rights.

“This is an issue for the respective air traffic control, who is allowed to start, who is allowed to land.”

Last month, the company suspended its business at St Petersburg airport.

Meanwhile, Russian forces destroyed the Antonov-225, or Mriya, which is said to be the world’s biggest cargo plane, outside Ukraine’s capital Kyiv.

With a maximum take-off weight of 640 tonnes, the aircraft had a length of 84m and weight of 175 metric tonnes without fuel and cargo.

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