Connect with us

Hi, what are you looking for?

Economy

Turkey scales down $23 billion F-16 jet deal with US, minister says

ANKARA (Reuters) – Turkey has reduced its planned $23 billion acquisition of an F-16 fighter jet package from the United States, scrapping the purchase of 79 modernisation kits for its existing fleet, Defence Minister Yasar Guler said late on Tuesday.

NATO member Turkey earlier this year secured a deal to procure 40 F-16 fighter jets and 79 modernisation kits for its existing F-16s from the United States, after a long-delayed process.

“An initial payment has been made for the procurement of F-16 Block-70. A payment of $1.4 billion has been made. With this, we will buy 40 F-16 Block-70 Viper and we were going to buy 79 modernisation kits,” Guler told a parliamentary hearing.

“We gave up on this 79. This is why we gave up: Our Turkish Aerospace Industries (TUSAS) facilities are capable of carrying out this modernisation on their own, so we deferred to them,” he said.

The sale of the 40 new Lockheed Martin (NYSE:LMT) F-16 jets and ammunition for them will cost Turkey some $7 billion, Guler added.

Turkey placed its order in October 2021, two years after the United States kicked the country out of the fifth-generation F-35 fighter jet program over its procurement of a Russian missile defence system.

Turkey wants to re-join the F-35 programme and buy 40 new F-35 jets, Guler also said.

Turkey is one of the largest operators of F-16s, with its fleet made up of more than 200 older Block 30, 40 and 50 models.

Ankara is also interested in buying Eurofighter Typhoon fighter jets, built by a consortium of Germany, Britain, Italy and Spain.

It is also developing its own combat aircraft, KAAN.

This post appeared first on investing.com

You May Also Like

Investing

Fisker (NYSE: FSR) stock price has been one of the best-performing electric vehicle (EV) stocks this week even as Tesla slumped. The shares jumped...

Investing

Newmont (NYSE: NEM) reported mixed financial results even as the price of gold approached its all-time high. In all, the company’s earnings per share...

Investing

The Fox Corporation (NASDAQ: FOX) stock price has been under pressure as investors come to terms with the abrupt firing of Tucker Carlson. The...

Investing

NatWest (LON: NWG) share price rose sharply, helped by the strong results from Barclays. The stock jumped to a high of 274.8p, which was...




Disclaimer: Oldamericanbroker.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the-company.


Copyright © 2024 Oldamericanbroker.com