MOSCOW - The board of directors of Russia's major air carrier, Aeroflot, has considered and approved the financial model for the construction of Sheremetyevo-3 airport and proposed ways of funding of its construction. As the press department of Aeroflot announced, the project is supposed to be implemented in cooperation with the International Airport of Sheremetyevo company. It is aimed at an increase in capacity of the airport and providing better services to passengers.

Aeroflot has proposed the board of directors of the Sheremetyevo airport to participate in the construction of the new terminal by acquiring a 25-percent to 33-percent stake in a newly established company, Terminal, which is responsible for implementing the project. Aeroflot is proposed to have a 33-percent stake in the project. An independent investor, (possibly Sberbank or Vneshtorgbank) may also secure a 33-percent stake in the project. After the new terminal of the airport is built, Sheremetyevo-1 and Sheremetyevo-2 will undergo reconstruction. Then the second and the third terminals will be combined into one.

Aeroflot is a 51-percent state owned company. The International Airport of Sheremetyevo company is wholly owned by the government airport operator.