South Korea‘s flagship carrier Korean Air Lines Co. is set to introduce Airbus’ state-of-the-art A350 series aircraft for the first time in its fleet. The contract, valued at about 18 trillion won ($13.7 billion), is the largest deal in the company‘s history.

Industry sources said on Thursday that Korean Air finalized plans to sign the massive aircraft purchase agreement with Airbus during its board meeting held on the same day.

The deal with Airbus includes a total of 33 aircraft, comprising 27 units of the A350-1000 model and 6 units of the A350-900 model. With a contract value of $13.7 billion, this agreement represents the largest aircraft procurement deal undertaken by Korean Air.

Explaining the decision, Korean Air said, “The introduction of new aircraft was necessary to secure the shortfall in the medium to long-term aircraft operation plans.” Korean Air also aims to advance its Environmental, Social, and Governance (ESG) initiatives by introducing environmentally friendly aircraft such as the A350 series, while also preparing for a merger with Asiana Airlines.

The A350-1000, the largest variant in the A350 series, typically accommodates between 350 to 410 seats. Constructed with over 50 percent composite materials, it boasts enhanced fuel efficiency and a 25 percent reduction in carbon emissions compared to similar-sized conventional aircraft. The A350-1000 also holds the record for the longest range among existing passenger aircraft, capable of flying over 16,000 kilometers with a full load of passengers and cargo.

In other news from the shareholder meeting held at Korean Air’s Seoul headquarters, Hanjin Group Chairman Cho Won-tae was reappointed as an internal director of Korean Air with the support of 85 percent of attending shareholders. Cho Won-tae also serves as the airline’s CEO.

By Cho Yun-hee, Choi Hyun-jae and Minu Kim

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]