SHANGHAI: China Eastern Airlines, the nation's third largest carrier, has agreed to buy 16 Airbus A330 planes, which analysts see as an ambitious move to expand further into international markets.

The two companies finalized the deal on Monday, China Eastern Airlines said in a statement yesterday to the Shanghai Stock Exchange.

The planes are due to be delivered between 2011 and 2014, and cost the Shanghai-based carrier approximately 17.75 billion yuan, it said, and the company plans to pay Airbus with bank loans, according to the statement.