Airport Renovation Projects Resilience: The Case of Pulkovo Airport

In this thesis the question of the pandemic and sanctions effects on the performance of Pulkovo airport renovation project, which started in 2010 within the concession agreement of the Northern Capital Gateway and the Government of Saint Petersburg until 2040 is raised. Cost-benefit analysis and sensitivity analysis were used to determine how restrictive measures against the spread of COVID-19 and border closures due to sanctions had affected the profitability and social effect generated by Pulkovo Airport. The social effect of infrastructure renewal was determined in accordance with the theories of Efficient Time Allocation and Generalized Cost of Traveling. The study revealed a decrease in the NPV of the renovation project due to changes in trends in passenger traffic and number of takeoff and landing operations, a decrease in the growth rate of airport revenue and a partial reduction in operating costs. The NPV of the project decreased by 14.99 times, and the benefit-cost ratio became 1.41 instead of 4.11 due to pandemics. But due to sanctions, Pulkovo Airport renovation project NPV decreased just 4.65 times in comparison with scenario included only pandemic effect (much less in absolute meaning), benefit-cost ratio became 0.91. Resilience of Airport and project of its renovation was revealed, as adaptation to pandemic conditions helped airport to diminish influence of sanctions of its performance. The social effect practically did not decrease, indicating the important social mission of the project, which is to create public goods. The parameters affecting the performance of the analyzed project were also identified. Keywords: airport renovation project, airport resilience, cost-benefit analysis, infrastructure project, aviation, aeronautics