BAKU, Azerbaijan, Jan. 8, 2015 /PRNewswire/ — Boeing (NYSE: BA) and Azerbaijan-based airline Silk Way West announced that the two companies are finalizing terms and working toward a purchase agreement for three 747-8 Freighter airplanes.

When finalized, the contract will be valued at more than $1.1 billion at current list prices. The order will be posted on Boeing’s Orders & Deliveries website once all contingencies are cleared.

“Silk Way Group is a longstanding customer and operator of Boeing’s products and services,” said Marty Bentrott, vice president, Middle East, Russia and Central Asia Sales, Boeing Commercial Airplanes. “We value our partnership with Silk Way West and are grateful for their enduring confidence in Boeing and the 747-8 Freighter.”

Silk Way West is an enterprise of the Silk Way Group, which includes 23 companies working in the aviation industry and related services. The airline currently operates seven Boeing airplanes, including two 767-300 Freighters, three 747-400 Freighters and two 747-8 Freighters.

The 747-8 Freighter has no competitors, providing cargo operators the lowest operating costs and best economics of any large freighter airplane while providing enhanced environmental performance. The 747-8 Freighter offers 16 percent more revenue cargo volume than the 747-400, while keeping its iconic nose door.