Iran Air plans to sell half of its shares

TEHRAN, Feb. 27 (MNA) - The Islamic Republic of Iran’s national passenger airliner (Iran Air) plans to sell half of its shares plus one on the stock market by the end of the current calendar year (March 19), Iran Air’s managing director said on Sunday. Farhad Parvaresh told that the shares are currently valued at 14.4 trillion rials (some $1.2 billion). When privatized, Iran Air plans to expand its domestic and international flights, with the help of loans from the National Development Fund. Experts say that the airline will no longer fly routes that are economically unviable, according to experts. Iran Air has been battling sanctions since the 1990s, when the U.S. stopped Tehran from buying civil aircraft, spare parts and post-sale services, supposedly to stop the Islamic Republic from procuring militarily useful technology. Iran’s fifth 5-year National Development Plan (2010-2015) urges the government to reduce the average age of its aircraft to 15 years by 2015, while aviation experts say the country needs at least 150 more to replace some of the current 196 aircraft over the next five years and improve its flight safety record.