On 19 April 2011, a meeting chaired by Valentina Matviyenko, governor of St. Petersburg, took place in the Smolny. The meeting, dedicated to the refurbishment project of Pulkovo airport, was attended by Andrey Kostin, President and Chairman of VTB Bank Management Board, and by Sergey Emdin, Director General of Northern Capital Gateway LLC.
One of the main items of the agenda was the issue of building transport communications between the new passenger terminal of Pulkovo airport and the city. The annual capacity of the terminal at the time of its opening in 2013 will amount to 13-14 million passengers, which will require building an appropriate transport infrastructure. In this connection, VTB as a member of the consortium for Pulkovo reconstruction, is taking part in the tender for construction and operation of the Western High-Speed Diameter, and is considering the possibility of participating in construction projects of an elevated express facility and the Aeroexpress electric train line.
Modernization and reconstruction of Pulkovo airport is the first major infrastructure project implemented in the form of public-private partnership (PPP) with participation of international financial institutions and without state subsidies or guarantees.
Under the three-party concession agreement between the Government of St. Petersburg, Northern Capital Gateway LLC and JSC Pulkovo Airport , on 29 April 2010, Northern Capital Gateway LLC launched operational management of the St. Petersburg airport.
The members of Northern Capital Gateway LLC international consortium are VTB Bank (57.5% shares), Fraport AG (leading international airport operator, 35.5% shares) and Horizon Air Investments (subsidiary of the Greek construction and investment conglomerate Copelouzos Group, 7% shares).