Air Transport

Russian leasing company Ilyushin-Finance (IFC) has placed a $200 million contract with the VASO production plant for the construction of 14 Antonov An-148s. "We will soon be transferring cash to them for the production," says IFC general director Aleksandr Rubtsov. "We will provide a considerable sum, but not all the sum to cover the construction costs, but enough for VASO to go to the banks and get the rest on commercial terms."

The first transfer of funds is due this month, as part of the lessor's plans for the next year. The first six An-148s are set to be delivered in March 2006, about three months later than planned "due to the delays with flight-test start and the budgetary issues - Ilyushin-Finance was legally unable to provide funds in 2004", says Rubtsov. The 2006 delivery schedule is not yet settled, but the first aircraft is certain to go to KrasAir, which Rubtsov says will be the launch operator. He says slots are being kept available for Aeroflot, which is currently evaluating the An-148, along with other Russian and Western regional jets.

But Aeroflot has been warned that if a decision is not made as promised in March, all the first batch of An-148s will be allocated to other carriers, such as GUAP Pulkovo, KrasAir and "one Egyptian airline".