January 20 - The Cargolux board of directors has approved an investment of USD77 million for Cargolux China - a new joint venture Chinese cargo airline based in Zhengzhou.
The investment represents a 35 percent share in the new airline for Cargolux. Other shareholders in the joint venture are Henan Civil Aviation Development and Investment (HNCA), which will hold 49 percent, Xin Gang Investment & Development of Zhengzhou Airport Comprehensive Economic Experimental Zone with 8 percent and the Henan Airport Group, which holds the remaining 8 percent.
Cargolux China is expected to start operations in 2017, focusing on transpacific and intra-Asian routes. Its fleet is planned to grow to five B747 freighters within the first three years of operation. With the new joint venture, Cargolux will expand its fleet to 30 aircraft by 2017.