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Standard Chartered to create China bank
(AP)
Updated: 2005-09-06 14:01

Iain Gray, left, managing director and general manager of Airbus UK., joins hands with Si Xianmin, right, President of China Southern Airlines Ltd. and Phillippe Lim, center, Vice President of Airbus China, as British Prime Minister Tony Blair, back, claps after signing a purchase agreement for 10 airbus aircrafts at the Great Hall of the People in Beijing Tuesday, Sept. 6, 2005. [AP]

The announcement came as European officials visited Beijing for a summit aimed at boosting business between the European Union and China.

The signing ceremony was attended by British Prime Minister Tony Blair, Chinese Premier Wen Jiabao and other officials.

"It is a hugely important deal for Airbus in what is a very important market," said Iain Gray, the British general manager of Airbus. "It builds on the success we've had in recent years."

The purchase includes eight A330-300 planes and two A330-200 planes, all to be delivered in 2007 and 2008, Gray said.

The list price for the 10 aircraft would be $1.5 billion, but airlines usually negotiate discounts. The price that China Southern will pay for the aircraft wasn't announced.

Gray said the airline had not decided which company had not picked a supplier for the engines. The candidates are Rolls Royce, General Electric and Pratt.

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