UPDATE 1-Malaysia's AirAsia X eyes 25 Airbus A350 aircraft

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SEPANG, Malaysia, Sept 18 (Reuters) - AirAsia X, a Malaysian budget long haul carrier that counts British billionaire Richard Branson as a shareholder, is considering buying up to 25 Airbus A350 planes, the airline said on Tuesday.

"The A350 looks very good and that is the most logical choice as we are already on the Airbus, but we are also looking at Boeing," AirAsia X director Tony Fernandes said. "We would be foolish not to."

AirAsia X, which will make its debut soon, has already ordered 25 A330-300 planes for flights from Malaysia to Australia and China.

The need to plan ahead for new plane purchases is important given the long waiting time. Boeing's 787 planes could take as long as five years to deliver and the A350s could take up to seven years.

"It's a long way away, but around about the same number of planes that we have now," AirAsia X Chief Executive Azlan Osman-Rani told reporters when asked about the number of additional planes the airline needs.

Malaysia's AirAsia (AIRA.KL) owns a 20 percent stake in AirAsia X, as does Britain's Virgin Group, controlled by Branson.

Airasia X, which aims to fly 10 million passengers a year within five years, expects to list its shares on the Malaysian stock exchange by 2010, Azlan said.

Fernandes, who is also AirAsia chief executive, said his budget carrier has already hedged 40 percent of its fuel needs at the moment.