Incheon Airport Corp. buys 10% stake in Russian airport
Incheon International Airport Corp. announced Tuesday it has acquired a 10-percent stake in Khabarovsk Airport in Russia’s Far East, stepping up its charges into the development of the Russian partner.
This makes the IIAC the first foreign airport operator to step into management of a Russian airport, which has been safeguarded by the government there as a national strategic industry.
As the third-largest shareholder, the state-run firm said it will focus on modernizing the Russian facility by sharing its know-how and spending 2 billion won ($1.88 million) through 2015 to scale up commercial facilities, operating staff and marketing.
“The deal would strengthen the IIAC’s footing in the Russian airport industry as we’re getting requests for our participation from other airports such as in Moscow, Vladivostok and Sochi,” said Lee Chae-wook, chief executive of the IIAC.
Khabarovsk Airport is one of the nine biggest hubs among the country’s 351 airports, located in the second-largest city in the Russian Far East after Vladivostok.
The partnership with the Russian airport dates back to late 2009 when the IIAC won a contract to provide consulting services for service and facility upgrades, following a similar order from Iraq’s Irbil International Airport early that year.