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East Line to sign new rental agreement with state in May

East Line Group and the state property agency (Rosimushchestvo) can sign a new rental agreement for the Domodedovo airport as soon as in May 2005, Dmitriy Kamenshchik, chairman of East Line's Board of Directors, has told reporters. He noted that this deadline was specified on the schedule for negotiations between the property agency and the group. Kamenshchik remarked that the transport ministry and the economic development and trade ministry had already worked out their recommendations with regard to the necessity of making a new agreement in the near future.

The exact rates and rental period have not yet been defined. However, Kamenshchik noted that they would be calculated in accordance with common criteria applicable to all Moscow airports. At the same time he noted that the signing of this agreement might be delayed, but in any event, it would be signed this year. "We are bound to reach an agreement," the East Line chief remarked. "We have lost the (old) agreement but have not lost the (rented) property, as we have signed temporary agreements for using the airport's facilities that were rented earlier," he said. Kamenshchik stated that East Line paid over $15m in rent last year. If this amount is increased under the new agreement, the airport will raise the fees for airlines proportionally, as stipulated in the current rules, he added.

As reported earlier, on February 14, 2005, the federal arbitration court granted the property agency's appeal and declared void the 75-year rental agreement with East Line for the Domodedovo airport.

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