Ownership: PIA acquires six A310 aircraft

Procurement of the aircraft would save PIA $2 million in rentals every year.

LAHORE:

Pakistan International Airlines (PIA) and Airbus have signed an agreement for the transfer of ownership of six A310 aircraft which were acquired by the airline on lease in 2004.

PIA Managing Director Nadeem Khan Yousufzai and Airbus Asset Management Director Patrice De Puymorin signed the agreement.

“The transfer of ownership of the six aircraft to the national flag carrier is another step forward in implementing the business plan under Vision 2020 and will help save about $2 million in monthly rentals,” PIA said in a statement.

Yousufzai said PIA and the European Aeronautic Defence and Space Company (EADS) had a longstanding relationship which started with the induction of A300-B4 in the early 80s and was strengthened after the purchase of A310 in 1991.

PIA will acquire new narrow-body aircraft in the coming months to replace its aging fleet. On February 14, the airline signed an agreement in Islamabad for the purchase of five fuel-efficient Boeing 777-340ERs with deliveries starting from 2015.

Published in The Express Tribune, February 17^th, 2012.