Iran Mulls joining Cape Town aviation finance pact: Minister

Iran may adopt a key international agreement that would protect the rights of foreign leasing companies as it seeks to renew its elderly fleet of passenger jets, the country's transport minister said Sunday. The 2001 Cape Town Convention makes it easier to attract foreign leasing companies by protecting their rights to re-possess aircraft if airlines go bankrupt and is widely considered a benchmark for the international jet market. "We are studying that. If we come to a (positive) conclusion, we will certainly process it," Roads and Urban Development minister Abbas Akhoundi said. Deputy Roads and Urban Development Ashgar Fakhrieh said the ministry was in the process of getting internal approval to join the pact, subject to a decision in parliament. <br/>