flynas Takes Delivery of 50th Jetliner Out of Order for 120 Airbus A320neo

flynas is moving ahead in its ambitious plan for growth, expansion, and increasing the fleet size - AFP
flynas is moving ahead in its ambitious plan for growth, expansion, and increasing the fleet size - AFP
TT

flynas Takes Delivery of 50th Jetliner Out of Order for 120 Airbus A320neo

flynas is moving ahead in its ambitious plan for growth, expansion, and increasing the fleet size - AFP
flynas is moving ahead in its ambitious plan for growth, expansion, and increasing the fleet size - AFP

flynas, the Saudi air carrier and the leading low-cost airline in the Middle East and the world, celebrated taking delivery of the 50th airplane out of a large order for Airbus A320neo jetliners at a reception held at King Khalid International Airport in Riyadh.

The company is moving ahead in its ambitious plan for growth, expansion, and increasing the fleet size.
Taking delivery of the 50th aircraft comes within an order to purchase 120 A320neo aircraft from Airbus with a value exceeding 32 billion riyals, which was at the time the second-largest purchase of A320neo aircraft in the Middle East, as a strategic step for flynas, SPA reported.
The deal with Airbus was a strategic step for flynas, consolidating its position as a leading low-cost airline in the Middle East, and one of the top four low-cost carriers in the world. The company is moving forward in its ambitious plans to double the fleet size after its board of directors approved an increase in purchase orders to 250 aircraft. This is in line with flynas’ strategic plan -- “We Connect the World to the Kingdom” -- in parallel with the National Civil Aviation Strategy to enable national air carriers to contribute to connecting Saudi Arabia with 250 international destinations and to accommodate 330 million passengers and to host 100 million tourists yearly by 2030.
In parallel with upscaling the flynas fleet, taking delivery of the new aircraft contributed to generating hundreds of quality jobs in the aviation sector, directly and indirectly. flynas recently announced the opening of applications in several programs, including the Future Pilots Program, Future Engineers Program, and the Cabin Crew Program for Saudi men and women.
This A320neo airplane is the third of its kind received by flynas since the beginning of 2024, and it is due to receive other batches of aircraft during the year, reinforcing flynas' commitment to sustainability and environmental protection. The A320neo is the most advanced, environmentally friendly, and fuel-efficient single-aisle aircraft worldwide.
flynas connects more than 70 domestic and international destinations with more than 1,500 weekly flights and has flown more than 78 million passengers since its launch in 2007, with the aim to reach 165 domestic and international destinations.



Oil Prices Slip as Russia Sanctions Stay in Focus

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
TT

Oil Prices Slip as Russia Sanctions Stay in Focus

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo

Oil prices slipped on Tuesday from the previous day's four-month highs but the market remained supported by continuing focus on the impact of new US sanctions on Russian oil exports to key buyers India and China.

Brent futures were down 58 cents, or 0.72%, to $80.43 a barrel by 1421 GMT, while US West Texas Intermediate (WTI) crude fell 62 cents, or 0.79% to $78.20 a barrel, Reuters reported.

Prices jumped 2% on Monday after the US Treasury Department on Friday imposed sanctions on Gazprom Neft and Surgutneftegas as well as 183 vessels that transport oil as part of Russia's so-called shadow fleet of tankers.

"With several nations seeking alternative fuel supplies in order to adapt to the sanctions, there may be more advances in store, even if prices correct a bit lower should tomorrow's US CPI data come in somewhat hotter-than-expected", said Charalampos Pissouros, senior investment analyst at brokerage XM.

While analysts were still expecting a significant price impact on Russian oil supplies from the fresh sanctions, their effect on the physical market could be less pronounced than what the affected volumes might suggest.

ING analysts estimated the new sanctions had the potential to erase the entire 700,000 barrel-per-day surplus they had forecast for this year, but said the real impact could be lower.

"The actual reduction in flows will likely be less, as Russia and buyers find ways around these sanctions," they said in a note.

Nevertheless, analysts expect less of a supply overhang in the market as a result.

"We anticipate that the latest round of sanctions are more likely to move the market closer to balance this year, with less pressure on demand growth to achieve this," said Panmure Liberum analyst Ashley Kelty.

Uncertainty about demand from major buyer China could blunt the impact of the tighter supply. China's crude oil imports fell in 2024 for the first time in two decades outside of the COVID-19 pandemic, official data showed on Monday.