Lahore, 16 February 2012: PIA and Airbus signed an agreement for transfer of ownership of six Airbus A310-300 aircraft which were acquired by the airline on lease in year 2004.
Transfer of ownership of the six aircraft to National Flag Carrier is another step forward in implementing the Business Plan under vision 2020 and will help PIA save about 2 million Dollars monthly rentals which will help greatly in reducing its losses.
The agreement was signed by Managing Director PIA, Mr. Nadeem Khan Yousufzai and Director Airbus Asset Management, Mr. Patrice De-Puymorin participated by Deputy Managing Director PIA, Mr. Salim Sayani, Director Corporate Planning, Mr. Irshad Ghani, Othman Ghedira, Sale Director Airbus Middle East, Pascal Lesaulnier Vice President International Development Middle East European Aeronautic Defence and Space Company N.V. (EADS) and other senior officials of PIA.
MD PIA appreciating the efforts of both the teams finalizing the agreement said that PIA and EADS have a long relationship. It started with the induction of Airbus A300B4-200 in early 1980s and was strengthened further by the purchase of Airbus A310-300 aircraft in 1991. ATR 42-500, another product of sister concern of Airbus, both working under the umbrella of EADS, have added another knot to the ties.
The purchase of these aircraft is an important step towards accomplishment of Business Plan 2020. As part of its Fleet Replacement Plan, PIA will acquire new narrow body aircraft in the coming months to replace its aging fleet. The airline has already signed an agreement in Islamabad on February 14 for the purchase of five fuel efficient Boeing 777-340ER aircraft with deliveries starting from 2015.
Source: PIA Press Release (February 16, 2012)
