Boeing (NYSE:BA) Agrees to Sell 100 Passenger Planes to Iran

Boeing (NYSE:BA) Agrees to Sell 100 Passenger Planes to Iran

Boeing (NYSE:BA) Agrees to Sell 100 Passenger Planes to Iran

$BA, $EADSY

Sunday, Iran reached an agreement with Boeing (NYSE:BA) to purchase 100 passenger planes to renew the country’s aging fleet, Press TV reported.

The deal awaits US government’s approval, Head of Iran’s Civil Aviation Organization (CAO) Ali Abedzadeh said.

“We have 250 planes in the country, 230 need to be replaced,” said Mr. Abedzadeh, adding that there could be no precise timeline for the contract without US Treasury’s permission.

Reportedly, the value of the deal amounts to $17-B.

Last Wednesday, Iran’s minister of Roads and Urban Development, Abbas Akhoundi, said the deal with the US aircraft manufacturer has been finalized, and more details would be disclosed in a few days.

In January, Iran reached an agreement with Airbus (OTCMKT:EADSY)to buy 118 passenger aircraft worth around $27-B.

The country has announced its need for about 400 passenger planes in the next 10 years to modernize its aging fleet, according to Tehran Times daily.

Reports said Iranian airliners are no longer interested in buying more Russian planes, as their performance during the frame when Iran was under heavy Western sanctions was poor and unsatisfactory.

Symbol Last Trade Date Change Open High Low Volume
NYSE:BA 132.75 20 Jun-2016 2.93 131.36 133.9 131.21 4,323,400
HefffX-LTN Analysis for BA: Overall Short Intermediate Long
Bullish (0.25) Bullish (0.29) Bullish (0.40) Neutral (0.06

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