El Al to buy 2 Boeing 787s

Each Dreamliner costs $150 million, and can fly non-stop from Tel Aviv to Los Angeles or Sydney.

El Al Israel Airlines Ltd. (TASE: ELAL) is negotiating to buy two Boeing 787 Dreamliners, considered the most advanced passenger plane in the world. The decision comes just one day before Arkia Airlines Ltd. inaugurates two 787s ordered a few months ago. Sources say that the timing of El Al’s announcement is part of the competition between the airlines to fly the first Dreamliner.

El Al had an option to buy 14 787s, but unexpectedly cancelled the order in late 2006, apparently with the idea of leasing the planes instead of buying them.

The 787 is built of composite materials of innovative design. It has large windows, silent systems, and low fuel consumption. Each plane costs $150 million, and can fly non-stop from Tel Aviv to Los Angeles or Sydney. This range meets many airlines’ goal of minimizing flight times.

El Al will receive two Boeing 777s at the end of July. The planes cost $400 million. It is not known when the airline will receive the 787s.

Published by Globes [online], Israel business news - www.globes.co.il - on July 8, 2007

© Copyright of Globes Publisher Itonut (1983) Ltd. 2007

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