General Electric is to earn at least $5bn over the next two decades from providing jet engines to the European-led consortium that beat Boeing in the race for a $35bn contract for US Air Force refuelling tankers.

People close to the US conglomerate said the contract for 179 aircraft, one of the largest yet for its aviation division, was unexpected as most experts had tipped an alliance of Boeing and Pratt & Whitney, GE’s arch-rival, to win.