News

Iran to purchase new aircraft after lifting of trade sanctions

25 Jan 2016 by Clement Huang

Iran has reportedly struck a provisional deal with aircraft manufacturer Airbus to purchase eight A380s and 16 A350s, with planned deliveries to begin from 2019.

Speaking to Reuters, the country’s deputy transport minister Asghar Fakhrieh Kashan revealed that the deal would be completed this week.

If successful, the order of the A380 will be the second that Airbus has received this year, following All Nippon Airways’ announcement earlier this month (see here) that it would place an order for three superjumbos. 

The news comes barely a week after both Europe and the US lifted financial and oil sanctions on Iran, as international inspectors confirmed that the country had made good on its promise and dismantled large sections of its nuclear program.

With the sanctions revoked, Iran now has access to around US$100 billion in frozen assets – mostly made from past oil sales – that it can use to develop its economy and re-engage with the world.

Having previously been crippled by trade bans imposed by the world powers, Iran Air, the country’s flag carrier, maintains an fleet with an average age of 23 years old – almost twice the international average. The lifting of the bans finally opens the window for the carrier to revamp its ageing fleet. 

For more information, visit iranair.com

Clement Huang

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