Iran has reportedly carried out an oil barter deal with China wherein it received two second-hand Airbus A330-200 aircraft in exchange for oil worth $116 million. The deal triggered a controversy after reports emerged that the over 13-year-old aircraft's value was just $30 million in the market.
A report by the Iranian Labour News Agency said the deal was carried out by Iran Air which entered into an oil barter arrangement with an "anonymous" Chinese company named Haokun Energy. The aircraft, made in 2012 and formerly operated by Hong Kong Airlines, arrived in Tehran last month. However, the deal sparked criticism over how inflated its pricing was.
Iran doesn't have enough aircraft due to sanctions. After the agreement with the US on the nuclear programme in 2015, known as the Joint Comprehensive Plan of Action, a small window for official exchanges in passenger aircraft opened. At that time, Tehran had entered a deal with US company Boeing to buy 100 aircraft. But, even that window closed after the previous US President Donald Trump withdrew from the JCPOA in 2018. At present, Iran struggles with an ageing and shrinking fleet and over half of its passenger planes are grounded due to a lack of spare parts, particularly engines.
The oil-for-plane was reportedly entered during the Ebrahim Raisi administration, Iranian former minister Mehrdad Bazrpash claimed in a post on his X.
However, Iranians are baffled by how these old aircraft were sold for such a huge amount, considering that they would only cost between $25 million and $40 million in the market, depending on condition, configuration and hours flown.
The company Haokun Energy too have raised brows, considering how little-known the firm is. This isn't the first deal with the Iranian government, as it has been engaged in multiple Iranian infrastructure projects. One of those is the now-abandoned $2.5 billion expansion plan for Imam Khomeini International Airport. Haokun is also said to have failed to settle its outstanding oil debts to Iran, according to Iran International.
Critics of the Iranian government also question why Tehran didn't enter a deal directly with the Chinese government, rather than depend on a Chinese intermediary for a transaction involving state-owned assets. Both Iran’s Civil Aviation Organization and Iran Air are yet to comment on the sale.