Iran’s airline fleet aged long back and could not be replaced owing to years of international sanctions. Due to the western animosity, now in its fourth decade, the big plane makers were ordered by their governments not to sell to Iran and also deprive the nation of much-needed spare parts. However, following the lifting of sanctions last month as a result of a nuclear deal Tehran signed with the six major world powers last year, Iran is now in the market for new aircraft.
Iran Air, the national flag carrier made an order for 118 new Airbus A320s last month and industry analysts say this is just the beginning of a potential bonanza, given the catching up that Iran’s aviation industry has to do.
Irish Times reports that Avolon and its parent company, the China-based Bohai, have already taken measures for a share of the emerging market.
Avolon’s chief commercial officer, John Higgins, mentioned the trip to Iran in passing when addressing Wednesday’s annual Ireland-China Business Association’s Sino-Irish Seminar in Dublin.
He did not say much else about the visit except to indicate that both Chinese and Irish business people are likely to be welcomed in Iran, according to Financial Tribune.
On that basis Avolon can probably expect to see a few of its rivals from the Irish aircraft leasing industry the next time it is in Tehran.