Iran needs $5bn to renew fleet

“Of the 215 aircraft that form the fleet, 150 will have to be retired in the coming five years,” Lahouti said. “To replace these with planes built in 2000, Iran will need to allocate $4bn to buy aircraft and $1bn for navigation equipment.”

Lahouti added that the average age of Iran’s passenger planes needs to be decreased from 22 1/2 years to 15 years.

Bloomberg reported that the Iranian Government is under four rounds of United Nations Security Council sanctions because of its nuclear programme, which is frustrating the country’s efforts to renew its aging aircraft fleet. Bloomberg added that the US stepped up its measures against Iran last year, targeting foreign suppliers of aviation fuel and other refined oil products and blocking access to the US financial system for banks doing business with the country.