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Billions-worth deal with Russia

Hungary’s Alfa Busz Kft has signed a near €9 million-worth (about $13 million) contract with Russia’s Leningrad county’s local government, on selling buses due in 2008 - built at the Alfa Busz factory in Székesfehérvár (abot 60 km from Budapest).

The buses will be used for transportation in the vicinity of Saint Petersburg. According to another agreement, Alfa Busz Kft will also establish a new factory in Leningrad county with a Ft 1 billion (about $5.8 million) investment by 2010. The agreements were part of the Hungarian-Russian convention and are financed by Eximbank and Mehib, Gazdasági Rádió cited daily Világgazdaság. Hungary has not sold buses in such quantity since 1998. Alfa Busz has also reached a €5 million agreement with Swiss companies on delivering 24 buses recently. (Gazdasági Rádió)