Media reports on Sunday reveal Iran's plans to buy up to 300 units of Boeing and Airbus planes to replace its antiquated fleet by purchasing at least 90 planes annually. An official of Iran's civil aviation agency projected that Iran would need between 400 and 500 planes in the next ten years.

Mohammad Khodakarami, deputy chief of Civil Aviation Organization, said that the nuclear deal agreed last July 14 with Western countries gave Iran the ability to buy new planes and planes' spare parts.

Western manufacturers were not allowed to sell equipment and spare parts to Iran, including aircrafts, as part of sanctions imposed against the country due to its uranium-enriching program. The embargo caused serious damage to its economy. 

In January 2014, a partial lifting of the ban was enforced by the interim agreement on Iran's nuclear program, which among others include the selling of spare parts to Iran.

Last month, Iran has agreed to limit the production of nuclear weapons as part of the agreements reach with Iran and six other superpowers- the US, UK, France, China, Russia, and Germany, also known as 5+1.

Iranian President Hassan Rouhani believes that the agreement between Iran and powerful world powers "opened a new chapter in Iran's relations to the world".

The negotiations between Iran and 5+1 began in 2006.

These countries wanted Iran to slow down its nuclear activities and wanted to make sure that the country cannot create a potentially harmful nuclear weapon. Iran, on the other hand, is intent on having the international bans lifted and insists that their nuclear activities are peaceful.

The agreement is believed to affect not only Iran but is also the rest of the Middle East.

The cost of purchasing the new fleet of commercial aircrafts is estimated to be at around $20 billion.

Abbas Akhoundi, Iran's Transport Minister claimed that the country has acquired 15 pre-owned planes since February as part of Iran's goal to revamp its aging fleet. Currently, Iran is said to have 140 aircrafts, which are around 20 years old.

The country plans to finance its new fleet through foreign loans, leasing and state funds.