October 30, 2012 / 11:28 AM / in 8 years

Russia to spend $3.5 billion on 35 planes from Boeing

The Boeing logo is seen on a Boeing 787 Dreamliner airplane in Long Beach, California March 14, 2012. REUTERS/Lucy Nicholson

MOSCOW (Reuters) - State-owned industrial and defense vehicle Russian Technologies is to buy 35 737 MAX planes from U.S. aerospace company Boeing Co (BA.N) for $3.5 billion, the companies said in a joint statement on Tuesday.

Boeing has predicted that Russia and neighboring states will take delivery of 1,140 new aircraft over the next 20 years, valued at $130 billion.

“Russia is becoming a vital partner in everything that we do,” said Raymond Connor, president and CEO of Boeing at a press conference in Moscow. “It isn’t only vital in terms of our manufacturing but it is also vital to us with respect to engineering, space, and of course services.”

The Chicago-based aerospace company, which has been working in Russia for 30 years according to its website, said the first delivery would be in August 2018.

Reporting By Gleb Stolyarov and Sonia Elks; writing by Megan Davies. Editing by Jane Merriman

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