CORRECTED-AIRSHOW-Myanma Air to lease 10 Boeing jets from GECAS

Mon Feb 10, 2014 7:34pm EST

(Corrects date of aircraft delivery in 4th paragraph to 2020, not 2010)

SINGAPORE Feb 11 (Reuters) - Myanma Airways has agreed to lease 10 new Boeing 737 jets from GE Capital Aviation Services (GECAS), the world's biggest leasing company, in what appears to be the largest single fleet expansion in Myanmar.

State-run Myanma will work with GECAS to develop and upgrade its airline fleet and expand routes into key markets in the region, officials from Myanma Airways told a news conference on Tuesday as the Singapore Airshow kicks off.

Myanma currently flies only on local routes. Officials from Myanmar's government and Boeing were also present at the signing ceremony on Tuesday.

GECAS said the deal had a list price of $960 million and the aircraft will be delivered through 2020. Leasing companies rent aircraft to airlines in exchange for a monthly fee.

After years of isolation, Myanmar is seen as one of the last frontiers for aviation in Asia, with passenger numbers surging as new airlines spring up and foreign carriers rush in. (Reporting by Anshuman Daga; Editing by Ed Davies)

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article