Pulkovo Airport in St Petersburg, Russia, is to be developed, rebuilt and operated by Fraport AG following an agreement with the Northern Capital Gateway (GTW) consortium.

Fraport AG has a 35.5% in the GTW consortium, which also includes Russia’s VTB Bank (57.5%) and the Greek Copelouzos Group (7%).

The consortium has invested €1.4bn in the project over a period of 30 years, which includes developing a new passenger terminal and expanding apron areas.