Boeing has released its new business jet (BBJ) convertible, which can shift from cargo to passenger jet in eight hours.

Speaking at the European Business Aviation Convention and Exhibition (EBACE) 2009, the company said governments, corporate and private individuals will be able to adapt the airplane either for flying VIPs, staff or troops in a range of situations.

The craft can also be used for carrying disaster relief, or tools and machinery including equipment for touring bands, race cars and race horses. It can also be configured for medical evacuation.

Boeing said itplans to come out with improved versions of the BBJ by mid-2011 that will consume 2% less fuel than the present release does.