Iran is planning to purchase 90 new aircraft a year in order to modernise its fleet, after a lifting of western sanctions.
Iran Civil Aviation Organization director Mohammad Khodakarami was quoted by IRNA news agency as saying: "Iran will buy a total of 80 – 90 planes per year from the two aviation giants in the first phase of renovating its air fleet."
The proposed transactions will be financed through leasing, foreign loans and state funds.
The average age of commercial aircraft fleet in Iran is estimated to be 23 years, which is around twice the international average, reported Reuters.
Iran’s aviation industry was significantly hit by sanctions imposed by the US and European governments, and the United Nations over the past decade.
Sanctions will be soon lifted due to the nuclear deal between Iran and world powers led by the US.
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By GlobalDataIndustry officials estimate that Iran will require up to 400 new aircraft with a value of $20bn over the next ten years.
Iran Transport Minister Abbas Akhoundi was previously quoted by PressTV as saying: "The current situation of the air fleet is not becoming to Iranian nation and the air fleet needs major investment.
"Therefore, we have conducted extensive negotiations with companies supplying passenger aircraft."
