Airport in Bulgaria's second city set to become major Balkan cargo hub

Published: 1/27/2000

The small airport of Krumovo, near Plovdiv, Bulgaria"s second largest city, may become one of the largest air cargo airports in the Balkans, according to press reports in Sofia. On 15th January, two US companies, Hamilton Financial Group and Hedden Investors Corporation signed an agreement with the city council covering a feasibility study for the project and are due to report in the next few weeks. The US companies are reported to be keen to use local state owned building firm, Glavbolgarstroi to construct the new facility, if the project goes ahead. However, there are some quite serious disputes relating to the ownership of the airport. It was privatized in 1994 and Trakia, a private company, bought a major holding. The stock was subsequently sold to an undisclosed Swiss company: a transfer that was then blocked by the Bulgarian Ministry of Transport. This raises the question as to who owns the airport and, therefore, who is in a position to conclude a deal.

Article ID: 1365