Communication Minister Reuven Rivlin and top Israel Aircraft Industries (IAI) executives signed a $200 million sale contract for two AMOS satellites to China.

The contract was signed in Beijing, in the presence of top space industry executives and Israeli embassy personnel.

The signing of the contract is the end of a long three and a half year negotiation between IAI and the Chinese. This is the first time IAI will export a satellite to the civilian market.

The Chinese communication company Hong Kong Satellite Technology purchased both satellites.

TheStreet Recommends

Israel Radio reported the satellites are designated for the global braodcast of the Beijing Olympics in 2008.