With US and EU sanctions finally lifted, Iran is ready to spend big to kick start its aviation industry.
Iran’s transport minister Abbas Akhondi said Iran will buy 114 jets from Airbus, according to Iran;s state news agency.
The deal could be worth up to $10 billion and will likely be made up of new and used Airbus A320 family aircraft and out-of-production A340s.
The first aircraft could be delivered in just a few months, a government official said.
Iran is thought to need about 400 new planes to keep pace with expected growth in air travel while replacing an aging fleet.
"The legs of Iran’s economy are now free of the chains of sanctions, and it’s time to build and grow," Iran’s President Hassan Rouhani tweeted.
Rouhani is due to meet French President Francois Hollande in Paris next week and any deal with France based Airbus is likely to be officially confirmed then.
