South Korea plans to sign a military aircraft swap deal with Spain during their joint committee meeting on defense industry cooperation in Madrid later this week.
Under the plan, Korea is expected to sell 30 KT-1 basic trainer jets and 20 T-50 advanced trainer jets, manufactured by Korea Aerospace Industries (KAI), to Spain, Korea Times reported Tuesday.
Spain also reportedly plans to sell four to six A400M Airbus transport planes to Korea as part of the aircraft exchange deal. The deal is estimated to be worth 2 trillion won ($1.77 billion).
The two sides are to open a two-day working-level session later in the day, according to the Defense Acquisition Program Administration (DAPA), Seoul's arms procurement agency, Yonhap news agency reported.
Among agenda items is Spain's offer to trade its Airbus A400M Atlas airlifters with T-50 Golden Eagle and KT-1 Woongbi trainer jets produced by Korea Aerospace Industries (KAI), an unnamed source was quoted by the agency as saying Monday.
Spain has a contract to purchase 27 A400M large cargo planes, with the first 14 aircraft to be delivered by 2022. The rest will be delivered from 2025 but it's seeking to sell them.
Spain wants to hand over four to six of them to South Korea in exchange for around 20 T-50s and 30 KT-1s, the source added.
If an agreement is reached, it would mark South Korea's maiden export of its aircraft to a European country. It would also provide much-needed relief to KAI, which recently suffered a defeat in a U.S.
Air Force trainer jet bid.
DAPA is in a position that the possible aircraft exchange contract is a win-win deal for both sides and it will welcome the reported contract if Spain delivers an official proposal.
South Korean Air Force will get its first Airbus A330 MRTT Aerial refueling tanker by the middle of the current month allowing it to increase the operational radius of its fighter aircraft. The aerial refueling tanker will undergo acceptance tests for one month after delivery to confirm quality requirements specified for weapons and equipment delivered to the military have been met, a military official was quoted as saying to the Yonhap news agency
Lockheed Martin has been awarded a $365,730,330 contract for new-construction DDG Aegis Weapon System Baseline K2 development and integration in support of the Republic of Korea Navy. This contract will provide for combat system installation, staging and integrated logistics support required for the installation, test and delivery of the Aegis Combat System K2 baselines for three Republic of Korea Navy DDGs, a US DoD release said
A South Korea Patriot surface-to-air missile (PAC-2) exploded seconds after launch at a South Korean firing range last Thursday. The South Korean Air Force said that The PAC-2 missile ascended for about four seconds after blastoff at the seaside Daecheon range in South Chungcheong Province during an annual air defense guided missile practice, Yonhap News reported quoting an Air Force statement
Indonesia has ran up an arrears of 230 billion won (US$200 million) by skipping milestone payments as part of its participation in the South Korean-led KF-X project to develop a new fighter jet for use of the air forces of both countries. Further Indonesia has ‘stayed away from the aircraft development program since the latter half of 2017, calling for the renegotiation on the terms of contract, Seoul's arms agency confirmed Monday
Airbus has delivered the first upgraded Tranche 1 Eurofighter to the Spanish Air Force. The upgrade was carried out at Airbus facilities in Getafe and involved the introduction of hardware modifications which support the Operational Flight Program 02 (OFP-02) developed by the Armament and Experimental Logistics Centre (CLAEX), Eurofighter said in a statement last week
Spain has signed a contract with NH Industries, a consortium of Airbus Helicopters, Leonardo and Fokker to acquire 23 NH90 helicopters that include seven naval versions for an estimated $1.7 billion
Spain has formally expressed interest in joining French-German Next Generation Weapon System, or NGWS project. The Minister of Defense, Margarita Robles has requested the Spanish incorporation be formalized through the signing of a Letter of Intentions (LoI) or a tripartite Memorandum of Understanding (MoU)
South Koreass arms procurement agency, Defense Acquisition Program Administration (DAPA) launched an institution, Defense Export Promotion Center (DEPC). The DEPC will help Korea to advance into foreign markets and will provide defense firms with a comprehensive package of support, such as export-related administrative procedures and other services, DAPA said in a statement
South Korea's Navy received a new 4,500-ton landing ship, the Nojeokbong vessel on Wednesday. The new ship capable of speedy and long-distance military support operations was delivered to the Navy during Hyundai Heavy Industries' event at a shipyard in Ulsan, 370 km southeast of Seoul, DAPA (Defense Acquisition Program Administration) said
US and South Korean officials fail to reach consensus on splitting the bill of the American soldiers stationed on the peninsula during the ninth round of bargaining, a government official stated on Monday. Senior diplomats of the two sides had three-day talks on the Special Measures Agreement (SMA) to set the amount of Seoul's financial contributions for the 28,500-strong U
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