Gulf Air clarifies on lease deal
Manama: Tue, 21 Apr 2009
Gulf Air, Bahrain’s national carrier, today clarified that the airline has decided not pursue the dry lease option under its Boeing 777 lease agreement with Jet Airways.
The airline said the clarification was in response to some media reports stating that Gulf Air has cancelled its Boeing 777 lease agreement with Jet Airways.
“The lease agreement signed between Jet Airways and Gulf Air was for an initial period of 6 months on a wet lease. Some coverage has claimed that the decision to continue with a dry lease after the 6 month wet lease has been cancelled. This is not correct as no such agreement existed,” said a Gulf Air statement.
“Under the terms of the current agreement, Gulf Air has an option to sign a new agreement for a dry lease after the expiration of the wet lease but this was subject to several business considerations including market conditions. After careful analysis of various commercial and other business considerations, Gulf Air has decided not to pursue the dry lease option for the foreseeable future,” it said. –
TradeArabia News Service