Chukotsky to take delivery of three M-101T Gzhels from Sokol

Published: 7/13/1999

Following a meeting between Ivan Sklyarov and Alexander Nazarov, respective Governors of the Nizhegorodsky region and Chukotsky Autonomous region, a memorandum was signed. This was followed by the signing of a preliminary agreement between Chukotsky Autonomous region and Sokol, which is based in Nizhni Novgorod, for the delivery of three M-101T Gzhel single turbo prop light aircraft. The deal, worth $3m in advance payments, is in line with the previously quoted price of $1.3m and will help Sokol complete the certification of the aircraft. It was concluded as part of a more detailed bilateral trade agreement, involving the delivery of 10 small, refrigerated cargo ships and a number of other goods. Ivan Sklyarov confirmed that the Chukotsky administration would pay cash under the terms of all the contracts. Despite recent falls in the gold price, it seems that the gold-mining region of Chukotsky still has hard cash, generated from gold mining and from the diamonds processing plant in Sarov.

Article ID: 674