American companies had not done any business with Iran for a long time but things have changed over the past few years due to the significant diplomatic breakthroughs between the two countries in the recent past and last week it was announced that Iran would be buying passenger planes from Chicago based Boeing. However, most of the details of the deal were unknown and Iranian officials had stated that the detals of the deal would emerge soon. The deal was officially signed today but although the details of the deal have not been made public yet at an official level, plenty of source close to the development have revealed the important details.

According to a report on ABC News, "It's unclear how much the agreement with Iran Air would be worth, though an Iranian official earlier suggested the total Boeing sale to the Islamic Republic could be valued at $25 billion." However, at the same time, the report went on to add, " Boeing revealed no further details on the deal. Fakher Daghestani, a Dubai-based spokesman for the manufacturer, declined to elaborate. Iran Air, the country's national carrier, said this week it wants to buy new generations of the Boeing 737, as well as the 300ER and 900 version of the Boeing 777. Earlier Tuesday, Iran's Transportation Minister Abbas Akhoundi said a possible deal between the Islamic Republic and Boeing could be worth as much as $25 billion, on par with the country's earlier deal with its European rival, Airbus."

Abbas Akhoundi said, "The initial talks were held and I can say Boeing is negotiating with the U.S. officials and possibly the amount of our purchase is equal to Airbus,"  On the other hand, Boeing released a statement in which the company shared its views on the deal, " [the deal was signed]under authorizations from the U.S. government following a determination that Iran had met its obligations under the nuclear accord reached last summer.Boeing will continue to follow the lead of the U.S. government with regards to working with Iran's airlines, and any and all contracts with Iran's airlines will be contingent upon U.S. government approval,"