The deal would be one of the Islamic Republic’s biggest deals with a U.S. manufacturer since trade sanctions on Tehran were eased.
Photograph by ullstein bild — Getty Images
By Madeline Farber
June 21, 2016

On Tuesday, Boeing (ba) said it had signed a tentative agreement with Iran Air to sell its aircraft. If the sale goes through–which is reportedly valued at $25 billion–it would be the Islamic Republic’s first major deal with an American company since its landmark nuclear accord last year with world powers.

Chicago-based Boeing signed the Iran Air agreement “under authorizations from the U.S. government following a determination that Iran had met its obligations under the nuclear accord reached last summer,” the company said in a statement it issued to the Associated Press.

Iran Air, the country’s national carrier, said this week it wants to buy new generations of the Boeing 737, as well as the 300ER and 900 version of the Boeing 777.

Boeing has been cautious about entering Iran’s market as other sanctions remain in place against Tehran. American officials had said as recently as last weekend that the sale would need permission from the U.S. Treasury.

“Boeing will continue to follow the lead of the U.S. Government with regards to working with Iran’s airlines, and any and all contracts with Iran’s airlines will be contingent upon U.S. Government approval,” the plane maker said.

 

The potential deal comes after the Obama administration was poised to finally approve two long-delayed multibillion sales of Boeing fighter jets to Qatar and Kuwait back in April.

If the deal goes through, the first Boeing plane could arrive in Iran in October, according to the AP. Fortune has reached out to Boeing and will update this story if the company responds.

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