CHICAGO (dpa-AFX) - Aerospace and defense giant Boeing Co. (BA) disclosed in a regulatory filing that it entered into an agreement and engaged in related discussions with Iran Air pursuant to a license from the U.S. Office of Foreign Assets Control or OFAC, a move that could lead to the first sale of products by a U.S. aerospace company to the Islamic republic since 1979.
The agreement sets forth general terms and conditions with respect to the potential sale of certain goods and services related to the safety of flight, including airplane parts, manuals, drawings, service bulletins, and navigation charts and data.
Boeing said that it also engaged in discussions pursuant to the OFAC license with Iran Air Tours, a subsidiary of Iran Air, with respect to the sale of similar goods and services. Boeing applied for the OFAC license consistent with guidance from the U.S. Government in connection with ongoing negotiations between the 'P5+1' nations and Iran related to, among other things, the safety of Iran's civil aviation industry.
Boeing noted that it generated no gross revenues or net profits during the second quarter in connection with these activities.
Last week, the six major powers and Iran agreed to extend nuclear talks for four more months after failing to meet a July 20 deadline to reach a comprehensive deal to resolve the dispute over Tehran's nuclear program. The extension began on July 21 and runs through November 24.
The existing sanctions on Iran would remain in effect throughout the four-month period, with Iran gaining access to $2.8 billion in oil revenues locked in restricted international accounts. More than $100 billion of Iranian oil assets have been frozen. The Joint Plan of Action initially freed $4.2 billion of those funds in exchange for Iran's agreement on inspections, dilution of its 20 percent stockpile of enriched uranium, and other concessions.
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