Singapore Bets On Krasnodar Hub For Russia Access

Singapore Bets On Krasnodar Hub For Russia Access

Published: November 2, 2011 (Issue # 1681)

MOSCOW — The company that operates Singapore’s main airport will help Oleg Deripaska’s Basic Element Holding create a new air transport hub in southern Russia under an agreement of intent signed Monday, the companies said.

The deal paves the way for a three-way joint venture between Basic Element, Changi Airports International and Sberbank that will operate four airports in the Krasnodar region currently controlled by Basic Element.

“We want a modern, high level of service in southern Russia. We could create a hub that would be the best for both passenger service and airline use in Russia, and even Europe,” said Krasnodar Governor Alexander Tkachev, at the ceremony.

The company will be established in mid 2012 after completion of due diligence procedures, the companies said.

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