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Aercap Says Cheap Oil Helping Older Planes Headed for Scrap Yard

The drop in oil prices has created a market for older jets that might otherwise have been relegated to the scrap yard, the head of the world’s biggest aircraft lessor said.

Aercap Holdings NV leased out three out-of production Airbus NV A340s in the last two weeks and two Boeing Co. 747s, both fuel-intensive four-engine models that the lessor had previously earmarked for dismantling, Chief Executive Officer Aengus Kelly said in an interview at an aircraft finance conference today in Dublin sponsored by Airline Economics.