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Myanma Airways signs 1bn plane leasing deal

Article By: ,  Financial Analyst
February 11, 2014 9:15 AM

Myanma Airways has announced a major new plane leasing deal, with ten new Boeing jets being secured by Burma's national airline.

The airline, which is owned by the Burmese government, needs to revamp an ageing fleet and has confirmed the new £1 billion deal as a result.

GE Capital Aviation Services (GECAS), which is currently the world's largest leasing company, will be working closely with Myanma Airways on the contract.

GECAS president and chief executive Norman Liu stated that the company is pleased to be working with Myanma Airways to provide new, state-of-the-art Boeing aircraft.

He said: "This is an important milestone for the airline and for the development of Myanmar's aviation industry."

"We are delighted to work with GECAS to develop and upgrade our airline fleet and expand routes into key markets in the region," said captain Than Tun, Myanma Airways managing director. He added: "Our collaboration with a leading multinational US company like GE will benefit the airline and the economy of Myanmar."

Beechcraft and Cessna planes are currently being used by Myanma Airways, as well as Fokker F28 jets and ATR turboprops.

Boeing supply

The new deal comes only a short time after Boeing insisted it is not going to have a problem meeting its orders, following speculation it is struggling to deliver planes on time.

Boeing's global sales chief John Wojick told a media briefing at the Singapore Airshow that while there is a balance to be struck between supply and demand, he remains "confident that we can deliver on the orders we have".

He added: "There is a lot of interest in Asia for the 777X. Certainly we would love to have Singapore as a customer for 777x."

The share price of Boeing rose by 0.11 per cent yesterday (February 10th), but slipped back by 0.05 per cent in after-hours trading. Stocks closed yesterday's session on the New York Stock Exchange at 127.16, but have since fallen away slightly.

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