Boeing and GOL Linhas Aereas Inteligentes announced this week GOL’s purchase of 60 737 MAX airplanes, which GOL will use to increase operational efficiency and reduce costs, according to the Boeing Co.

The order is valued at approximately $6 billion at list prices, making it the largest order in GOL’s 12-year history and the largest airplane order from a single airline in South America’s aviation history.

“The decision to order Boeing 737 MAX is in line with our commitment to maintain a modern and safe fleet that will allow us to sustain our competitive advantage in the long term,” said Paulo Kakinoff, CEO of GOL. “The new airplanes will have one of the best cost-benefit ratios in the market due to its unique operational economy, so it is fully compatible with our low-cost model.”

This order puts the 737 MAX at 724 firm orders.

“Boeing has partnered with GOL since their inception just over 12 years ago. We’ve watched them grow from a small start-up airline to a driving force in global aviation and we are proud to partner with them as the South American launch customer for the 737 MAX,” said Ray Conner, president and CEO of Boeing Commercial Airplanes.