Russia to buy 50 Boeing 737s for $3.7 bn

State-owned firm Russian Technologies has signed an agreement with global aerospace giant Boeing Co to buy 50 next-generation 737 jets for approximately $3.7 billion, with a provision for the purchase of additional 35 aircraft.

Supervisory board of Russian Technologies will consider the deal in October, a statement issued by the company Friday said. 

''Choice of Boeing by Russian Technologies is another major step in developing our long-term cooperation, which includes joint initiatives on a wide range of industrial programmes, said James Albaugh,'' president and CEO of Boeing-Commercial Planes.

''Russian Technologies' strategic vision and leadership in developing global partnerships in high-technology sectors play an important role in attracting foreign investment in Russia,'' Albaugh further stated.

Over the past 20 years, Boeing invested nearly $6 billion in various projects in cooperation with Russian partners. The company is the largest international investor in the Russian aerospace industry.

Economical advantages and operational efficiencies of Boeing's next-generation 737 planes would facilitate Russian Technology to provide airline companies with efficient and reliable planes that would contribute towards traffic growth in domestic and international sectors, the statement said.