Monday, 20 August, 2018

Broken agreements on the supply to Iran of Boeing and Airbus planes

'Europeans will do everything to protect companies in Iran' Broken agreements on the supply to Iran of Boeing and Airbus planes
Leonard Rios | 10 May, 2018, 00:42

Boeing and Airbus orders worth nearly $US40 billion at list prices are collateral damage in the Trump Administration's decision to pull out of a nuclear pact with Iran.

The U.S. Treasury Department, which controls licensing of exports, said the United States after a 90-day wind-down period will no longer allow the export of commercial passenger aircraft or parts to Iran.

Richard Aboulafia, aviation analyst with the Teal Group, said Airbus sales to Iran are now a "legal gray area".

The French firm now has a contract with Iran Air for 100 planes worth about $19 billion according to Gizmodo and, unlike Boeing, the firm has included its deals with Iran in its order book. Airbus recorded the sales in its order backlog and delivered three jets, while its ATR venture shipped eight turboprops.

French exports to Iran doubled in 2017 to 1.5 billion euros ($1.78 billion), driven by the export of jets and aircraft parts, as well as automobile parts, according to customs data. No deliveries have been made yet.

"We are now alone on a more risky path with fewer options", retired Army general Martin Dempsey, a former chairman of the USA military's Joint Chiefs of staff, wrote on Twitter. "As we have throughout this process, we'll continue to follow the U.S. Government's lead".

Lockheed shares were up 0.5% in premarket trading on the stock market today, after closing up 2% Tuesday. The European planemaker is subject to USA export restrictions to Iran because more than 10 percent of the parts on its jets originate with US companies such as United Technologies Corp., Rockwell Collins Inc. and General Electric Co. "The existing licenses will be revoked", he said.

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"These sanctions do impact all of the major industries", he added. "They are very strong sanctions", Mnuchin said.

He said there might be some exclusions, but he did not elaborate.

Total became in November 2016 the first oil major to sign a big deal with Tehran since it was re-admitted to worldwide trade markets, agreeing to help it develop the world's largest gas field, South Pars. Total of France, which has a big United States presence, signed a $5bn dollar deal with Iran and will be hoping that French government intentions to challenge the United States move at the World Trade Organization may salvage some of that.

"I can tell you with confidence that we've continued to build risk mitigation into our 777 production plan", CEO Dennis Muilenburg said during the company's first-quarter conference call last month". "The objective is to put and maintain maximum sanctions on Iran; that is the objective here".

Moreover, the new United States ambassador to Berlin warned German companies to halt activities in Iran.

Other manufacturers said they were reviewing the US decision and emphasized their compliance with export controls. It's also possible that nixing the deal pushes up oil prices, padding coffers in countries like Saudi Arabia, Qatar and Kuwait.

Russia's foreign ministry meanwhile said Moscow was "deeply disappointed" by Trump's words, but then went much further, adding that they were "trampling on the norms of global law".

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