Iran Air receives two used Airbus A330s in oil-for-planes deal with China

Iran’s national carrier Iran Air has taken delivery of two second-hand Airbus A330-200 aircraft in a controversial oil barter deal with a Chinese firm, according to a report by the Iranian Labour News Agency (ILNA).

The aircraft, formerly operated by Hong Kong Airlines and manufactured in 2012, landed in Tehran last month and were reportedly acquired through a barter arrangement involving Iranian oil and a Chinese company named Haokun Energy.

Each aircraft is estimated to be worth less than $30 million on the secondhand market, but according to ILNA, the planes were exchanged for oil at a total value of $116 million—sparking criticism over inflated pricing and lack of transparency.

ILNA reported that Haokun Energy, a little-known Chinese firm, had been engaged in multiple Iranian infrastructure projects, including a now-abandoned $2.5 billion expansion plan for Imam Khomeini International Airport.

The firm has allegedly failed to settle significant portions of its outstanding oil debts to Iran and previously agreed to broader commitments, including rail projects and the import of 55 aircraft, most of which have not materialized.

The Airbus A330-200 is part of the A330 widebody family, which includes several variants. New list prices vary by model, ranging from $238.5 million for the A330-200 to $317.4 million for the A330-900neo, according to aircraft market sources like Alternative Airlines and Simple Flying.

However, used aircraft—particularly those over a decade old—can be purchased for a fraction of those values, depending on condition, configuration and hours flown. Recent industry reports suggest that similar aircraft have traded for between $25 million and $40 million.

The delivery comes as Iran continues to struggle with an aging and shrinking fleet due to decades of international sanctions.

More than half of its passenger planes are grounded due to a lack of spare parts, particularly engines. Efforts to modernize the fleet following the 2015 nuclear deal (JCPOA) stalled when the US reimposed sanctions in 2018.

Former roads and urban development minister Mehrdad Bazrpash had earlier taken credit for the aircraft acquisition on social media, saying that the deal was finalized under the previous administration.

Critics have questioned why a private firm was not allowed to manage the purchase more efficiently, and why a Chinese intermediary was needed for a transaction involving state-owned assets.

No official response has yet been issued by Iran’s Civil Aviation Organization or Iran Air regarding the pricing and terms of the contract. Calls for transparency have intensified, with lawmakers and aviation experts urging a full investigation into the deal.