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Homepage » News» 20 february 2014     

The leasing subsidiary of Rostec State Corporation sold a contract for 50 Boeing 737NG aircraft to VTB Leasing
Russian Aviaton » Thursday February 20, 2014 15:21 MSK

Avia Capital Services leasing company (part of Rostec State Corporation) sold a contract for 50 Boeing 737NG aircraft to VTB Leasing. The liners will be delivered to Aeroflot, ITAR-TASS reports with reference to CEO of Avia Capital Services, Roman Pakhomov.

"This contract has been elaborated and approved by Aeroflot", - he said during his speech at Echo of Moscow radio station, adding that this was the first large contract for the leasing company, - “and we have sold it to VTB Group: VTB purchased the contracts with both Boeing and Aeroflot”.

It was reported in summer 2013 that Avia Capital Services failed to agree on financing of the deal, because it did not receive the guarantees from Eximbank (USA). After that the company started negotiations with VTB on transferring the slots for Aeroflot’s jets to VTB.

In autumn 2013 the shareholders of Aeroflot approved the 12-year operating lease agreement for delivery of Boeing 737 aircraft (the agreement may also be prolonged for 2 years three times). Thus each aircraft may be operated by Aeroflot over the period of up to 18 years. According to the documents, both Avia Capital Services and VTB Leasing may act as a lessor (VTB Leasing may act as a guarantor for the Avia Capital Services).

The value of the abovementioned contract should not exceed $7,48 billion (excluding customs payments, insurance, taxes and operating costs) said in the company’s report.

At present Avia Capital Services has a firm contract for delivery of 35 Boeing 737Max jets. This agreement was signed in 2012. Its value is $3,5 billion (at list prices). The first liner should be delivered to the customer in August 2018.

"We have less orders for Airbus aircraft, - Pakhomov said, - we have been taking part in the contract for delivery of 14 А320; Aeroflot has placed the order for these jets, the deliveries will be started in 2015. We will possibly try to sign another contract for 35 aircraft".

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