An agreement has been signed between the Bulgarian Government and Fraport for the concession to extend, and operate, both coastal airports in Bourgas and Varna. Fraport’s chief financial officer Stefan Schulte said that the company would invest €100m in the two airports by 2010. By 2009 new terminals would start functioning, Schulte said.

As a result, Fraport expects the passenger traffic at the airports to reach two million people, said Schulte.

Transport Minister Petar Moutafchiev said that the concession of the two airports was important for the image in Bulgaria and that it would help the two airports reach European standards.

After signing the agreement Fraport would receive licenses for the two airports. The company won the concession after it took the previous concession winner, Dutch Copenhagen Airports, to court.