BRUSSELS: The EU executive has authoritised Greece to extend a concession granted to operate Athens International Airport (AIA) by 20 years for 1.1 billion euros ($1.25 billion), it said on Wednesday.

“The (European) Commission has found that the 1.1 billion-euro fee that will be paid by AIA for the 20 year extension of the Athens airport concession corresponds to a market price," Europe's Competition Commissioner Margrethe Vestager said in a statement.

Greece's privatisation agency said earlier this year that it had accepted the offer by private shareholders in AIA to extend their concession for operating the country's largest airport until 2046.

Copyright Reuters, 2018