So it's now
official according to Reuters.
It would lease out two aircrafts to Gulf Air Company for four months.
Under wet lease agreement, the operational control and maintenance responsibility of the aircrafts would remain with Jet
And in
other news:
Gulf Air, which was forced to pay spot rates for jet fuel when the price was as high as $190 a barrel, is now preparing to take its first hedging position.
“We have approved a hedging policy to the board and are looking at banks for hedging instruments,” said Bjorn Naf, the chief executive of the Bahrain flag-carrier.
Mr Naf said Gulf Air would purchase fuel on the futures market to lock in prices and lessen the risk of continued volatility. “In the long term I think it will go up again. If you hedge now you can hedge to your favour.”
The hedging contract is likely to be a three-year position, with Gulf Air purchasing about 75 per cent of its fuel needs for next year, 50 per cent for 2010 and 35 per cent for 2011, he said.