Economy, Business And Markets

Boeing Back to Business in Iran

Boeing Back to Business in IranBoeing Back to Business in Iran

Boeing said on Wednesday it had sold aircraft-related goods to Iran Air in the third quarter, marking the first acknowledged dealings between US aerospace companies and Iran since 1979, Reuters reported.

The Chicago-based Aerospace and Defense Company said in a public filing that it sold aircraft manuals, drawings, navigation charts and data to Iran Air to help improve the safety of Iran’s civil aviation industry.

The sales did not include spare parts for aircraft, which were thought to be likely since Iran Air ‘s fleet of planes includes vintage Boeing and Airbus jetliners delivered as long ago as 1978.

Boeing and General Electric said in April that they had received export licenses from the US Office of Foreign Assets Control allowing them to sell parts for commercial aircraft to Iran under a temporary sanctions relief deal that began in January.

Boeing said it may sell parts in the future but declined to comment any further. The sales generated about $120,000 in revenue and about $12,000 in net profit in the quarter—miniscule amounts for a company that reported $23.7 billion in sales in the latest quarter.

Iran agreed in November 2013 to curtail its nuclear activities for six months from January 20, 2014 when a deal with the six world powers known as P5+1,  was put into effect, in exchange for sanctions relief.