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iran orders planes

Iran orders 50 Brazilian planes worth $11b

March 1 2016

Iran has ordered 50 planes from Brazil’s Embraer, the world’s third biggest commercial aircraft manufacturer, to modernise its ageing aircraft fleet, a government spokesman said recently.

Like other orders since the lifting of sanctions on January 16, it will be a lease-purchase deal. Spokesman Mohammad Bagher Nobakht said.”The government is not going to spend its limited resources on things like buying planes,”.

Iran has already announced orders for 118 Airbus aircraft and up to 40 planes from ATR, a European turboprop aircraft manufacturer. The Airbus deal is worth $10 to $11 billion and is also a lease-purchase deal. About 80 to 85 percent of the financing will come from Airbus and European banks.

Iran’s air’s chief executive Farhad Parvaresh told reporters Iran’s aviation industry before sanctions were lifted was under a U.S. embargo that since 1995 had prevented western manufacturers from selling Tehran equipment or spare parts. The embargo hindered maintenance operations and grounded part of Iran’s aging fleet.

Iran needs 400 to 500 aircraft over the next decade to modernize the fleet.

source: Gulf News

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