Chinese airline signs USD 1.4 bn engine deal with GE
Shanghai-based Juneyao Airlines has signed a USD 1.4 billion deal with General Electric (GE) for supply of new GEnx engines for its Boeing 787 aircraft.
Juneyao ordered engines for its 10 Boeing 787-9 aircraft, ordered in 2016 and to be delivered from 2018.
The GEnx engine is a high-thrust jet engine and it powers the four-engine Boeing 747-8, the Boeing 787 Dreamliner.
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The USD 1.4 billion order includes a 15-year agreement with GE Aviation for maintenance and repair of the engines.
The deal is one of many contracts and two-way investment agreements signed by China and the US during the just concluded visit of President Donald Trump, worth more than USD 250 billion.
Earlier, China Aviation Suppliers Holding Company (CASC) signed an agreement with Boeing for 300 aircraft, valued at more than USD 37 billion.
It includes both orders and commitments for 300 Boeing single-aisle and twin-aisle aircraft, made up of planes from the 737, 787 and 777 families.
China has seen a surge in the civil aviation transportation market in recent years. The CASC has undertaken bulk purchases of Boeing aircraft to allow aviation transport companies to continuously expand their capacity and fleet structure, the CASC said in a press release.
In May, Boeing started construction of the first overseas production centre for its most popular 737 family of aircraft in the east China port city of Zhoushan, including a completion centre and delivery centre.
According to Boeing's latest market outlook, China is expected to need 7,240 new aircraft over the next 20 years, valued at nearly USD 1.1 trillion. Of these, 5,420 would be single-aisle aircraft.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)