Iran Air acquires two used Airbus A330-200s through oil barter deal with Chinese firm, sparking controversy
State-owned airline Iran Air has added two second-hand Airbus A330-200 aircraft through a barter agreement involving oil with a Chinese company. However, the transaction has stirred considerable controversy in Iran due to the reportedly inflated value paid for the nearly 15-year-old jets.
According to reports by the Iranian Labour News Agency (ILNA), Iran Air finalized the deal with a Chinese firm identified as Haokun Energy—a move already viewed with suspicion given the company’s limited and reportedly dubious transaction history. In exchange for an Iranian oil shipment valued at US$116 million, the airline received two Airbus A330-200s manufactured in 2012. These aircraft, previously operated by Hong Kong Airlines, arrived in Tehran this past April.
The controversy centers on the discrepancy between the barter value and the estimated market value of similar aircraft. Aviation industry sources suggest that a 2012 A330-200, depending on condition, configuration, and flight hours, typically ranges between US$25 million and US$40 million. This gap has raised questions about the asset valuation in the deal and how much of the excess value was unaccounted for.
It’s no secret that Iran faces a critical need for commercial aircraft. International sanctions have severely restricted its ability to acquire new planes and essential spare parts. Following the 2015 Joint Comprehensive Plan of Action (JCPOA) nuclear deal, a short window opened for Tehran to negotiate aviation deals, including a 100-plane order from Boeing.
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However, the U.S. withdrawal from the JCPOA in 2018 under the Trump administration closed that door once again. Iran is now coping with an aging and shrinking fleet; estimates suggest more than half of its passenger planes are grounded due to a lack of spare parts, particularly engines.
Former Iranian Minister of Roads and Urban Development, Mehrdad Bazrpash, stated on social media platform X that the oil-for-aircraft deal was completed during the administration of former President Ebrahim Raisi.
Haokun Energy's involvement also draws scrutiny. The firm has previously been linked to Iranian projects, including the now-abandoned $2.5 billion expansion of Imam Khomeini International Airport.
Reports from Iran International also suggest that Haokun Energy has outstanding oil debts to Iran. Notably, in May 2022, the U.S. Department of the Treasury sanctioned Haokun Energy Group Co. Ltd., based in Beijing, and its Hong Kong subsidiary, China Haokun Energy Ltd., for purchasing Iranian oil from the Quds Force of the Islamic Revolutionary Guard Corps (IRGC).
Critics in Iran are questioning the decision to rely on a private Chinese intermediary for a deal involving state assets, instead of pursuing a direct government-to-government agreement. So far, neither the Iranian Civil Aviation Organization nor Iran Air has issued official comments on the transaction's details and terms. The lack of transparency, apparent overpricing, and grey areas in the deal continue to fuel debate in the country.
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