OREANDA-NEWS. February 3, 2012. UTair Aviation and Sberbank have signed a comprehensive project financing, leasing, investment and operations service agreement defining the main directions for long-cooperation for development.

The agreement provides for financing of UTair Aviation projects to expand and upgrade its fixed wing and helicopter fleets, including leaseback operations and attracting resources on international capital markets through Sberbank export credit agency guarantees

UTair CEO Andrei Martirosov commented on the agreement, characterizing Sberbank and its leasing subsidiary Sberbank Leasing as “strategic partners holding the key to leasing operations” planned for UTair development.

“Sberbank is ready to act as the principle organizer of UTair operations on international capital markets, including bond and Eurobond issues,” said Sberbank Deputy Chairman Andrey Donskikh. “This cooperation agreement will allow both parties to form a comprehensive approach to the maintenance and development of corporate relations and will serve as a foundation for future cooperation in other areas.”

UTair is one of the leading three airlines in Russia, the CIS and the Baltic States and is one of the largest helicopter operators in the world. The UTair Group consists of UTair Aviation, UTair Express, UTair-Ukraine, UTair-Cargo, Turukhan Airlines, Nefteyugansk, Helisur, UTair Europe s.r.o., UTair South Africa Ltd and UTair India. UTair aircraft perform more than 300 passenger flights every day. According to the projected growth forecast in the UTair business plan, the airline will transport more than 10 million passengers in 2012. UTair Group operates the largest fleet of fixed wing aircraft in Russia, with more than 200 aircraft, including 25 Boeing 737-500s, 9 Boeing 737-800s, 6 Boeing 737-400s and 4 Boeing 757-200s.