BRIEF: Iran Needs 550 More Aircraft

Iran's Minister of Roads and Urban Development, Abbas Akhoundi said talks are underway with foreign aviation companies to ensure $60 billion investment worth to buy 550 new planes.

"We need 550 more planes which require $60 billion investment. To this end we are discussing the issue of finance package with foreign aviation companies to ensure this investment," Fars News Agency quoted Akhoundi as saying on Sept. 2.

He also noted currently Iran 's airlines operating with a fleet of 288 aircrafts.

The Iranian minister went on to say that a total of 59 airports are operating in the country of which only eight have international status.

Last year, Ali Reza Jahangirian, head of Iran 's Civil Aviation Organization said the country's airliners would need to order 400 aircraft over the next 10 years to replace its depleting and aging fleet.

Out of Iran 's 250 commercial planes, about 150 were flying while the rest are "not functional" due to a lack of spare parts, the Iranian official said at the time.

Iran's four largest carriers -- Iran Air, Aseman Airlines, Mahan Air and Iran Air Tours -- all have average fleet age above 22 years, according to the Iranian media outlets.