An aviation leasing company to be set up by the Russian airline Sibir will be ready to start operations in October, initially with a portfolio of 20 Tupolev Tu-154Ms.
Sibir will retain 40% of the shareholdings, and other investors, mainly Russian and foreign banks and financiers, are finalising agreements for the remainder, with the capitalisation set to include some $40 million in cash plus the aircraft. Aeroflot is expected to participate in the scheme, but has not yet reached agreement on its involvement. The Russian carrier is however keeping in close touch with the as-yet unnamed company.
The Tu-154s, most of which have become surplus to fleet requirements after the merger of Sibir and Vnukovo airlines, are undergoing major overhauls before being leased. The company has been in negotiation with the three providers of heavy maintenance for the Tu-154 - VARZ 400 in Moscow, Factory 411 in Mineralnie Vodi and Aviakor, the Samara-based manufacturer of the Tu-154. The first six aircraft have been overhauled, and the others will become available over the next 12 to 18 months.
Sibir created the leasing company, with the support of Russian minister of transport Sergei Frank, after the Novosibirsk, Siberia-based carrier's recent take-over of Vnukovo. The company, advised by Ernst and Young and Phoenix Project Management, expects its fleet to grow rapidly, with new Russian aircraft joining in the future.
The 150-seat Tu-154M trijet is regarded as a highly suitable aircraft for the Russian and the CIS markets for the next 10-12 years, as the type is already in widespread service in the region. The combined lease rate and operating costs are lower than those of Western equivalents when less than 350h per month are flown, a figure unlikely to be reached by its customers. In the region, it is well supported and understood, and is set to be a profitable subject for leasing.
Source: Flight International
