Russian leasing company Ilyushin Finance and the Irkut aircraft maker on Tuesday signed a memorandum of intent to buy 28 MS-21 passenger airliners with an option for another 22 aircraft.

The 28 twinjets, which are still under development, will be delivered between 2019 and 2022, under a contract expected to be signed soon.

The MS-21 is to replace the aging Tu-154, which currently accounts for the lion's share of Russia's passenger traffic. It is also expected to compete with the Airbus A-320 and Boeing 737.

Russian company Avionika and U.S. Rockwell Collins will develop avionics to be assembled by Irkut.

Another U.S. company, Pratt & Whitney, will supply the high-bypass turbofan engine PW1000G for the MS-21. The engine is also used for the Bombardier C-Series and Mitsubishi Regional Jet (MRJ) airliners.

The MS-21, expected to perform its maiden flight in 2015, should start rolling off the assembly line in 2016.

The MS-21 family will comprise three models designed to accommodate 150, 181 and 212 passengers respectively.

FARNBOROUGH, July 20 (RIA Novosti)