Investments in modernization of an airport in the Yamal-Nenets Region’s Novy Urengoi will be at least seven billion rubles ($119 million), TASS agency reported.

The region’s government has opened envelopes with competition applications from UrengoiAeroInvest (of the Airports of Regions, a part of Renova) and from the International Airport of Novosibirsk (a part of Novaport), the region’s deputy head Dmitry Artukhov told reporters on Tuesday.

"Russia’s two biggest holdings, working in the airport business, have sent in their applications," the official said. "They are above our expectations, they are better than we have expected… Thus, we shall receive the investments of at least seven billion rubles."

The competition’s results are due on January 18-19, he added.

"The applications are good, but we do not have the right to reveal details; the offers are to be studied in detail," he said.

Earlier it was reported that the region required about six billion rubles ($102 million) to modernize the airport.