Iran Air agrees $10bn Airbus deal before sanctions are even lifted

Iran has agreed to buy 114 Airbus Group SE aircraft for its state carrier Iran Air, the country’s Minister of Roads and Urban Development Abbas Akhoundi said last week, days before the lifting of  international sanctions.
The deal includes a mix of new and used jets from the A320 family and the A340 (now out of production), an unnamed Iranian official said, with deliveries due as early as July. The end of sanctions – announced yesterday –  will pave the way for Iran to purchase much-needed aircraft to renew its ageing fleet, to meet domestic demand at its 50 airports and to increase the number of international flights increasingly demanded by its 80m-strong population.
“When the sanctions are lifted, Airbus Group is ready to support Iranian civil and the para-public transportation [helicopters used by police and border-control agencies] sector development in strict compliance with all international laws,” a spokeswoman for  the French aircraft manufactured said in an e-mailed statement
Iran is also believed to be interested in several  Airbus wide-body planes including the A350 and the A380 double-decker as it seeks to add destinations in North America,  Australia and Europe to  serve members of the country’s large diaspora.

Source: Bloomberg