Air China Ltd. announced Tuesday it would buy five B747-8 airplanes from Boeing Company in a bid to further expand its fleet size.

The value of the deal is estimated to reach 1.54 billion U.S. dollars, but actual prices might be adjusted, Air China said in a statement filed with the Shanghai Stock Exchange Tuesday.

The planes are scheduled to be delivered in 2014 and 2015.

The statement said the company would seek the help of bank loans in buying the planes, adding the deal would not cause a major impact on the company's financial status.

As of the end of 2010, Air China's fleet capacity stood at 19.741 billion tonne kilometers. The statement said the new planes are expected to expand the its fleet size by another 1.3 billion tonne kilometers.