Gulf Air clarifies reports regarding Boeing 777 lease agreement with Jet Airways

With reference to some recent media reports stating that Gulf Air has canceled its Boeing 777 lease agreement with Jet Airways.
Gulf Air wishes to clarify as follows:
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 canceled. This is not correct as no such agreement existed.
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 pursue the dry lease option for the foreseeable future.
22/04/09 AME Info

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Categories: Foreign Apr 2009, Jet Airways Apr 2009