Published: Mon, December 26, 2016
Markets | By Terence Owen

Iran Air and Airbus seal historic aircraft order

Under the contract, initially announced in January and finalized Thursday, deliveries of aircraft will begin in the coming months.

Confirming details first reported by Reuters, Airbus said nearly half the jets would be for short to medium routes and that deliveries would start early next year.

"When Airbus and ATR aircraft start going into Iran, Boeing will point to that to argue that it should implement its own deal", said an aviation source who closely followed the talks. Both deals were conceivable as a result of arrangements in the atomic assertion amongst Iran and six world powers that produced results about a year back, which lifted many endorses on Iran in return for its irrefutable vows of serene atomic work.

Following its competitor, Airbus Group SE (EPA:AIR) recently signed its deal with IranAir to sell around 100 commercial jets after its biggest rival Boeing Co.

"We hope this success signals to the world that the commercial goals of Iran and its counterparts are better achieved with global cooperation and collaboration", said Farhad Parvaresh, Iran Air's Chairman and CEO.

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Most of Iran Air's planes were purchased before 1979 and only 162 of its 250 commercial aircraft were operational as of June.

The agreement is subject to U.S. government Office of Foreign Assets Control (OFAC) export licences which were granted in September and November 2016.

The ability to renew Iran's ageing and accident-prone fleet is widely viewed as a test of the pragmatist policies of Iranian President Hassan Rouhani ahead of presidential elections in May.

The first Airbus aircraft could arrive before President-elect Donald Trump is inaugurated on January 20.

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