Algerian authorities are ready to buy about 50 Russian MiG-29 jet fighters for $1.5bn. Military officials confirmed this information. They said the deal would be signed shortly, the BBC reported.

According to preliminary information, Algeria will buy 49 fighter jets, including forty two MiG-29SMT jet fighters and seven MiG-29UBT trainers. As part of its payment, Algeria will return to Russia less advanced MiG models that it purchased from the Soviet Union.

The Russian aircraft building corporation MiG refused to comment on the deal, saying that the terms of the agreement could yet be changed.

In January 2004, MiG signed a contract with India to sell 16 MiG-29K jet fighters for $500m, and another 30 jets will be sold in the future.

In 1999-2003, MiG’s exports amounted to $820m. If the Algerian deal is sealed, MiG will become one of Russia’s leading aircraft exporters, along with Sukhoi ($2.5bn) and Irkut ($4.5bn).

The MiG-29, one of the main export products of the Russian aviation industry, was developed in the early 1980s. Currently, MiG sells aircraft built in 1992-1993 but not purchased by the Russian armed forces. The main importers are African countries.

Algeria alone agreed to buy 22 Su-24MK fighter jets for $120m and 42 Mi-8 helicopters for $180m, and it has already received 36 MiG-29s. The coming contract will be one of the largest Russian-Algerian aviation deals. Indeed, Algeria’s annual defense budget is no more than $3bn.