January 29, 2010 (FinancialWire) — United Technologies Corp.’s (NYSE: UTX) Pratt & Whitney said that Jetstar Airways, a subsidiary of Qantas Airways has awarded International Aero Engines an order for V2500 engines to power a new fleet of 50 Airbus A320 aircraft.

International Aero is a multinational aero engine consortium comprised of Pratt & Whitney, Rolls-Royce, the Japanese Aero Engines Corp. and MTU Aero Engines.

The airline also signed a 15-year aftermarket services agreement with IAE covering these new engines, as well as V2500 engines installed on 44 aircraft the three Jetstar airlines currently operate.

Pratt & Whitney said the value to the company of the order and aftermarket agreement could exceed $1 billion if all options are exercised.

The agreement is for the latest V2500 SelectOne™ build standard. The aircraft will be distributed among the mainline Jetstar fleet and the airline’s joint ventures with Qantas, Jetstar Pacific in Vietnam, and Jetstar Asia in Singapore.

IAE’s V2500 is available in seven different thrust settings, from 22,000 to 33,000 lbs., to power the Airbus A319, A320 and A321 family of aircraft as well as the A319 Corporate Jet.

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