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Russian oligarch Deripaska laments poor return on investments in airport business

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Russian oligarch Deripaska laments poor return on investments in airport business

Investments of Basic Element, one of the largest diversified industrial groups in Russia owned by Russian billionaire Oleg Deripaska, in airport business are poorly paid off due to high cost of borrowings, the businessman announced on Thursday in an interview to Rossiya 24 TV channel.

“Our group, jointly with Sberbank and Changi (a Singapoore's airport operator, Changi Airports International – editor's note) have long been engaged in the development of infrastructure related to air traffic. The matter concerns not just an airport of Vladivostok, but a Krasnoyarsk one and the southern ones,” Oleg Deripaska said.

“We look at further development of airport business. We believe that nest year we will complete consruction of a terminal in Krasnoyarsk, which will coincide with opening of Universiade. We are ready to move further, but a very high cost of borrowings makes these investments are paid off poorly,” the owner of Basic Element said.

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