Korean Air has finalised its order for 30 Boeing 737 MAXs and two Boeing 777-300 Extended Ranges in a deal worth about $4 billion.

The airline announced its intention to purchase the aircraft at the Paris Air Show on 15 June. Korean Air also has the option for an additional 20 737 MAXs, which if exercised, would bring its total order to 52 aircraft.

Boeing Commercial Airplanes president and chief executive officer, Ray Conner says: “Korean Air has been a pioneer in Asia’s commercial aviation industry and today, we are truly honoured to welcome Korean into the new 737 MAX family. I am confident these new airplanes will play an important role in Korean Air’s fleet modernisation programme for many years to come.”

Korean Air has 91 Boeing aircraft with bellyhold capacity, consisting of 737s, 747s and 777s, and has 28 Boeing freighters, made up of 747-400s, 747-8s and 777s. In February it finalised an order for five Boeing 777 Freighters, valued at $1.5 billion.

Boeing says has 2,929 orders for 737 MAXs from 60 customers and it will start delivering the aircraft from 2017. The manufacturer says the MAX uses 20 per cent less fuel than first generation 737 and Boeing claims it has the lowest operating cost in its class.

Boeing says the 777-300ER has the highest cargo capability of any passenger aircraft and in 2016 it will receive improvements to reduce fuel consumption by two per cent.