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Russia signs a massive contract with Airbus

Airbus has signed a four billion dollar deal that makes Russia the titanium provider of the European aircraft manufacturer until 2020, according to Russia's Prime Minister Vladimir Putin.

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AFP - Russia on Monday signed a contract worth four billion dollars with European aircraft manufacturer Airbus to supply the company with titanium up until 2020, an AFP correspondent reported.

The contract was signed in Moscow by the head of state industrial holding Russian Technologies Sergei Chemezov and Airbus chief executive Thomas Enders, in a ceremony attended by Prime Minister Vladimir Putin.

"We started with small steps but this is a great step forward," Enders said. "This is an important strategic deal."

Putin declared that the total value of the contract with Airbus was four billion dollars and said that Moscow intended to further develop its cooperation with the European aerospace group EADS, Airbus' parent firm.

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