Published: Thu, April 06, 2017
Worldwide | By Sean Reid

Iran strikes deal with Boeing to purchase 60 aircraft

Iran strikes deal with Boeing to purchase 60 aircraft

Boeing Co's deal with Iran Aseman Airlines also includes the right for the airline to purchase an additional 30 Boeing 737 MAX airplanes.

Boeing said the agreement was negotiated with the approval of the US government.

Aseman airlines, headquartered in the Iranian capital of Tehran, was established in 1980.

Boeing shares edged up 0.1% to 176.81 in premarket trading on the stock market today, while the Dow average was down 0.1%. It was signed between Iran's Aseman Airlines and Boeing in Tehran, the country's IRNA news agency reported.

At the very beginning of Trump's presidency, some of his policy announcements had caused uncertainty for the company; risking disrupting business relations with China which is Boeing's biggest single jetliner customer.

The Trump administration has said little about Iran other than to reiterate campaign statements that the decision by the Obama administration and other nations to remove sanctions on Iran was the wrong choice.

If completed, the transactions would be the first USA aircraft sales to Iran since the 1970s.

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The planes are expected to be delivered to Aseman Airlines from 2019.

It's the first deal the company has made with Iran since President Trump took office. It is made possible by the lifting of economic sanctions by the Obama administration a year ago in exchange for concessions on Iran's nuclear program, an agreement that Trump maligned on the campaign trail as "horrible" and threatened to renegotiate. The European Union banned the airline in December, citing safety concerns.

Aseman is the Iran's third largest airline behind Mahan Air and flag carrier Iran Air.

Boeing will need the US Treasury department to sign off on both this deal and the deal it made to sell 80 planes to Iran's state airline a year ago. Asghar Fakhrieh Kashan, a deputy transportation minister, later said Iran would cut the number of Airbus planes to 112.

Boeing's December agreement with Iran Air was the first of its kind since the Islamic Revolution.

But Boeing CEO Dennis Muilenburg has formed a close relationship with the president. The Trump administration followed up by sanctioning 25 people and entities allegedly connected to Iran's missile program. From 1995 to 2014, the US sacrificed between $203.1 and $271.8 billion in potential export revenues to Iran. Iran agreed to redesign and reduce its nuclear facilities in exchange for relief from economic sanctions.

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