Korean Air board approves purchase of 12 new Boeing jets

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Korean Air's board has given approval for the purchase of 12 new Boeing aircraft.

In a disclosure on the Korea Exchange, the airline says it will purchase five Boeing 747-8Is, six 777-300ERs and one 787. A spokesman could not immediately confirm which variant of the 787 this was for.

The investment is valued at $3.7 billion at list prices, and will help in its long-term fleet modernisation plan, it adds.

The carrier signed a letter of intent for five 747-8Is and six 777-300ERs at the Paris air show this June. The approval by the board should allow it to firm the order soon.

Flightglobal Ascend Online Fleets show that the Star Alliance carrier already has five passenger-carrying 747-8Is and 10 787-9s on order. It had originally ordered 10 787-8s, but converted them into the larger -9 variant in March 2011.