In response to a decline in A330-300 sales, increased market penetration by the Boeing 767-300ER, and airline requests for increased range and smaller aircraft, Airbus developed the Airbus A330-200. Known as the A329 and A330M10 during development, the A330-200 would offer nine per cent lower operating costs than the Boeing 767-300ER. The plane was aimed at the sector, where Airbus predicted demand for 800 aircraft between 1995 and 2015. The project, with US$450 million in expected development costs, was approved by the Airbus Industrie Supervisory Board on 24 November 1995.