The Odessa city council has no plans to cancel its decision of July 2011 that created the joint venture Odessa International Airport LLC with the company Odessa Airport Development LLC based on the municipal airport. In addition, the city council does not intend to review its stake in the joint venture (25%). The airport announced this in a statement.

"Termination of the agreement between the Odessa city council and Odessa Airport Development LLC, under which the investor assumed the obligation to build a new airport terminal, is not on the agenda because the investor is fulfilling its obligation in full. In particular, the roof of the new terminal is currently being installed,” the statement said.

According to the statement, a draft decision on cancellation of the executive committee’s decision of August 15, 2013, that approved the agreement on equity participation of the executive committee in creation and development of infrastructure during reconstruction of a pavilion building with a VIP hall at the airport was tabled at a meeting of the city council’s executive committee on January 30 at the request of Odessa International Airport LLC.

The statement states that the plan to cancel the decision is because VIP passengers will be accommodated in the new terminal that is under construction, as a result of which the need to renovate and expand the area of the existing VIP hall no longer exists.

As reported, Odessa Airport Development LLC promised to invest USD 180 million in development of the airport. In August 2013, the state-owned Ukreximbank opened a seven-year credit line of USD 30 million for Odessa International Airport LLC under guarantee from the Mayor’s Office. The credit line is for financing construction of a new passenger terminal.

It will be possible to obtain funds (up to UAH 1.7 billion) for financing reconstruction of the airport’s runway and upgrade of its navigational equipment under government guarantee.

Built in 1961, the Odessa airport is in dire need of renovation. Its main problems include a short runway and outdated equipment for servicing aircraft, etc.