Russia eyes $4 bln arms contract with Saudis

Automotive

Russia’s state arms exporter Rosoboronexport is preparing a $4 billion arms contract with Saudi Arabia, the Gazeta daily reported on Tuesday.

A preliminary agreement on the purchase of Russian weaponry was reached in November 2007, during a meeting between then-president Vladimir Putin and Crown Prince Sultan Ibn Abdel Aziz Al Saud in the Kremlin. Riyadh reportedly intends to buy 150 T-90S main battle tanks, worth around $500 mln, a large consignment of BMP-3 infantry fighting vehicles, over 100 Mi-35 (Hind) transport/attack and Mi-17 (Hip) multirole helicopters, and around 20 Buk M2E surface-to-air medium-range missile systems. Experts say the helicopter contract alone is worth around $2 billion.

Even if the deal with Saudi Arabia goes ahead, it is just a drop in the ocean compared to the market share enjoyed by the US and the UK, who jointly control 90% of Saudi arms purchases. The arms contract with the Saudis could also boost Russia’s admission to the World Trade Organization. During ongoing bilateral negotiations with Moscow, Riyadh demanded access to Russian hydrocarbon deposits and pipelines. Moscow’s chief WTO negotiator Maxim Medvedkov said recently an agreement with Riyadh could be finalized in June. (rian.ru)

ADVERTISEMENT

Reforms to raise productivity would strengthen recovery - OE... Analysis

Reforms to raise productivity would strengthen recovery - OE...

Meeting called to address Pegasus spyware lacks quorum  Parliament

Meeting called to address Pegasus spyware lacks quorum 

Skanska commercial dev unit names new EVP of operations Hung... Appointments

Skanska commercial dev unit names new EVP of operations Hung...

Zsa Zsa Gabor's ashes buried in Budapest City

Zsa Zsa Gabor's ashes buried in Budapest

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.