Armenia Extends Zvartnots Airport Concession Term Until 2067, With Investments of $425 Million
22.01.2026,
14:15
At a meeting on Thursday, the Armenian government approved the fifth amendment to the agreement with the Argentine company "Corporación América S.A". for the concession management of Zvartnots International Airport.
YEREVAN, January 22. /ARKA/. At a meeting on Thursday, the Armenian government approved the fifth amendment to the agreement with the Argentine company "Corporación América S.A". for the concession management of Zvartnots International Airport. The agreement has been extended until 2067, and the concessionaire is obligated to invest an additional $425 million.
According to Armen Simonyan, Deputy Minister of Territorial Administration and Infrastructure of Armenia, the initial concession agreement was signed on December 17, 2001. The fifth amendment stipulates that the provisions regarding guaranteed internal profitability and damage compensation under the agreement, as well as the clause regarding the right to extend the concession for an indefinite period, are no longer valid.
"It is stated that as of the date of the extension agreement, the parties—the government and the concessionaire—have no financial obligations to each other. The restrictions of the concession agreement regarding the airport in Kapan (Syunik Region) are also eliminated," Simonyan noted.
This refers to the provision according to which, if the Armenian government decides to convert any airport within a 250 km radius of Zvartnots Airport into a civilian airport (domestic or international), the existing concessionaire has the preemptive right to assume management. However, the new amendment exempts Syunik Airport in Kapan from this regulation.
The Deputy Minister announced that the concession period for Yerevan's Zvartnots Airport is extended until the end of 2067, with the concessionaire committing to making $425 million in capital investments by 2033. The corresponding investment program and master plan will be submitted to the government for approval by January 31, 2026.
The master plan will include capital investments made since 2023. The Armenian government will then have four months to either approve or reject it, providing the appropriate justification.
The Deputy Minister also announced that changes to current tariffs will be made annually, through adjustments based on consumer price indices and their dynamics in the US, Europe, and Armenia.
Simonyan noted that the agreement establishes a rule according to which, if during the concession term, for reasons beyond the concessionaire's control, passenger traffic drops below 4 million passengers per year for two consecutive years, the government undertakes to compensate for the losses through tariff adjustments, but for no more than three years.
"The airport's infrastructure and operations must comply with leading international standards," Simonyan said.
According to Armen Simonyan, Deputy Minister of Territorial Administration and Infrastructure of Armenia, the initial concession agreement was signed on December 17, 2001. The fifth amendment stipulates that the provisions regarding guaranteed internal profitability and damage compensation under the agreement, as well as the clause regarding the right to extend the concession for an indefinite period, are no longer valid.
"It is stated that as of the date of the extension agreement, the parties—the government and the concessionaire—have no financial obligations to each other. The restrictions of the concession agreement regarding the airport in Kapan (Syunik Region) are also eliminated," Simonyan noted.
This refers to the provision according to which, if the Armenian government decides to convert any airport within a 250 km radius of Zvartnots Airport into a civilian airport (domestic or international), the existing concessionaire has the preemptive right to assume management. However, the new amendment exempts Syunik Airport in Kapan from this regulation.
The Deputy Minister announced that the concession period for Yerevan's Zvartnots Airport is extended until the end of 2067, with the concessionaire committing to making $425 million in capital investments by 2033. The corresponding investment program and master plan will be submitted to the government for approval by January 31, 2026.
The master plan will include capital investments made since 2023. The Armenian government will then have four months to either approve or reject it, providing the appropriate justification.
The Deputy Minister also announced that changes to current tariffs will be made annually, through adjustments based on consumer price indices and their dynamics in the US, Europe, and Armenia.
Simonyan noted that the agreement establishes a rule according to which, if during the concession term, for reasons beyond the concessionaire's control, passenger traffic drops below 4 million passengers per year for two consecutive years, the government undertakes to compensate for the losses through tariff adjustments, but for no more than three years.
"The airport's infrastructure and operations must comply with leading international standards," Simonyan said.
