Economy

Boeing just sold Iran another $3 billion of jets

Boeing just sold Iran another $3 billion of jets

Boeing Co. says it has signed a new, $3 billion deal with Iran's Aseman Airlines for 30 Boeing 737 MAX aircraft.

The agreement also offers purchase rights for 30 additional 737 MAXs to the airline.

"We welcome this agreement that will help sustain and create jobs in the USA and improve the safety of Iran's aging commercial airliner fleet". Boeing will need the approval of the Office of Foreign Assets Control.

Boeing's announced agreement to sell another 60 airplanes to Iran has exposed an Obama-era policy that's now under extreme vetting by President Donald Trump's administration, The Washington Free Beacon reported.

In December, Boeing announced an agreement for Iran Air, the country's flag carrier, to buy 50 of its narrow-body 737 passenger jets and 30 of the wide-body 777 aircraft.

In January, Iran signed a deal with Airbus to buy 118 jets from Airbus for an estimated €22.8 billion ($25 billion).

Shortly afterward, Iran inked an $18 billion deal with France-based Airbus for 46 Airbus A320 planes, 38 A330 planes and 16 A350 XWB aircraft.

Spicer Won't Give Straight Answer on Reported Changes to Trump Trust
Trump at his request" or whenever his son and longtime attorney "deem appropriate". He also dismissed the Pulitzer Prize-winning ProPublica as a "left-wing blog".

It is made possible by the lifting of economic sanctions by the Obama administration past year in exchange for concessions on Iran's nuclear program, an agreement that Trump maligned on the campaign trail as "horrible" and threatened to renegotiate.

The latest deal comes as Iranian President Hassan Rouhani's government strives to highlight improvements resulting from the nuclear pact in the run-up to May presidential elections.

"Boeing has to be everywhere that Airbus is", said Loren Thompson, chief operating officer of the nonprofit Lexington Institute, which receives funding from Boeing. The details of the Memorandum of Agreement were negotiated with authorization from the United States government.

Meanwhile, Boeing has been waging a charm offensive against Trump, tolerating his claims to have renegotiated a still-in-development deal to build a new Air Force One, for instance.

Similarly, Iranian conservatives have also criticised the purchases, saying new planes will do little to improve Iran's stagnant economy.

For more than a year, Boeing (NYSE: BA) has been trying to break into the newly opened Iranian aircraft market. Last month, the United States imposed sanctions on 25 Iranian entities and individuals over what the White House called illegal Iranian missile tests.

To be blunt, Boeing is the victim of awful public policy in the U.S. Congress, which has made it very hard for U.S. companies to do business with Iran, and many congressional Republicans want to crack down even further on trade with Iran.


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