Shanghai Air approves $85 mn venture with Boeing

Shanghai, June 22: Chinese regional carrier Shanghai Airlines Co. Ltd. said on Thursday its board had approved an million aircraft maintenance venture with Boeing Co. and a local partner.

Boeing will hold 60 percent of the venture, with Shanghai Airlines holding 15 percent and Shanghai Airport Authority taking 25 percent, the carrier said in a statement carried by the Shanghai Securities News.

The business will maintain, refurbish and convert aircraft, sell equipment, and provide technical services. Shanghai Airlines did not say when the it would start operations.

Shanghai Airlines operates 45 aircraft, mostly Boeings, and is expected to take delivery of 50 more planes by 2010, including nine of the Boeing's new 787 Dreamliner model. It has not bought Airbus planes.

Reuters