UTX United Technologies Corporation

By Nektaria Stamouli

ATHENS -- Aegean Airlines, (AEGN.AT) Greece's biggest carrier, signed a preliminary agreement on Wednesday with United Technologies Corp. (UTC) subsidiary Pratt & Whitney to buy fuel-efficient engines for its new fleet.

The deal for the new engines is valued at $1.5 billion, according to officials. The carrier signed a $5 billion agreement this summer with Airbus SE (Air.FR) for the renewal of Aegean's fleet, the largest investment by a Greek company since the start of the Greek economic crisis in 2010.

Aegean agreed to purchase 42 new Airbus A320neo planes and lease as many as 20 aircraft.

"Since entering into service in early 2016, the Pratt & Whitney GTF engine has demonstrated its promised ability to reduce fuel burn by 16%, to reduce NOx emissions by 50% to the regulatory standard and to lower the noise footprint by 75%," Aegean said.

Write to Nektaria Stamouli at nektaria.stamouli@wsj.com

(END) Dow Jones Newswires

December 05, 2018 15:16 ET (20:16 GMT)

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