Road and Urban Development Minister of Iran Abbas Akhoundi said that Iran plans to buy 500 new passenger planes, IRNA reported.

Speaking to reporters, Akhoundi said that in the first step, a number of the planes will be purchased by 2016.

Negotiations with top world companies are underway for ordering the new airplanes, Akhoundi said.

He said that as soon as Iran's nuclear deal with world powers reached on July 24 be implemented, Iran will take the first step to buy the airplanes.

Iranian officials repeatedly announced that the county will need 400-500 civilian aircraft worth at least $20 billion in the next decade to renovate its aging fleet which has suffered under years of U.S. and European sanctions.

Earlier this year, Iran added 9 new planes less than 10 years old to its air fleet.

The U.S.-led sanctions on aircraft and spare parts exports to Iran have left Iranian airlines saddled with not only some of the oldest fleets in the Middle East, but also in the world.

Iran's four largest carriers – Iran Air, Aseman Airlines, Mahan Air and Iran Air Tours – all have average fleet ages above 22 years, according to Iranian media outlets.

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