Source: Bloomberg

Brazil will probably postpone for three to four years the purchase of 12 supersonic fighter jets worth about $700 million that would replace the Air Force's aging fleet, Valor Economico newspaper reported.

President Luiz Inacio Lula da Silva will make the final decision on whether to postpone the purchase, the paper said, citing Vice President Jose Alencar, who became the country's defense minister this month after Jose Viegas Filho resigned.

Viegas had said that Brazil would announce the winner of the tender for the fighter jets by year-end, the paper said.

There are four companies competing for the contract, including Empresa Brasileira de Aeronautica SA and its partner Dassault Aviation SA, Russia's OKB Sukhoi, Saab AB and Lockheed Martin Corp., Brazil's Defense Ministry said.

The Competing Airplanes Include:

Sukhoi Su-37


Dassault Rafale


Saab Gripen


Lockheed Martin F-16