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. Last Updated: 07/27/2016

MiG to Export $300M by Year-End

State-owned aircraft manufacturer MiG will export $300 million worth of fighter jets and upgrades by the end of the year, a senior official said Friday.

"We expect our exports to reach almost $300 million," Vladimir Vypryazhkin, deputy general director for sales and marketing, said at an news conference. Vypryazhkin said that by year's end, MiG will have delivered 20 MiG-29 SMT fighter jets and upgrades to various countries and have repaired 13 more fighters. The company this year has already delivered 19 four-seat IL-103 passenger planes to South Korea.

The 2005 deliveries put MiG on a recovery route since exports began to drop from a 2002 peak, when MiG delivered $352 million worth of jets and upgrades.

Next year should give MiG a further boost as it plans to sign contracts to sell 120 fighter jets and upgrades to five countries in Eastern Europe, the Middle East and Southeast Asia, Vypryazhkin said without elaborating. Almost 50 of those will be deliveries of new jets, he added.

Konstantin Makienko, deputy head of the Center for Analysis of Strategies and Technologies, said Vypryazhkin was most likely referring to a pending deal with Algeria for some 50 MiG-29 jets.

Vypryazhkin said he also expected next year to make headway in another set of negotiations. MiG, which last year conducted a deal with India for 16 MiG-29 naval fighters, is now looking to sign an option for 30 more of the jets.