TAP To Replace Regional Fleet

The owners of Portugal's flag carrier TAP will lease 17 new aircraft worth a total EUR€400 million (USD$434 million), to replace its regional fleet after placing orders for 53 new Airbus jets worth USD$8.6 billion.

The Airbus order was placed after the previous government sold a stake in TAP to a private consortium in November. Prime Minister Antonio Costa, who came to power at the end of November, has pledged to regain control.

TAP's chief executive Fernando Pinto said the company will receive nine Embraer E190s seating 100 passengers and eight 70-seat ATR52s by July.

The aircraft will be used on regional routes flown by TAP Express, formerly known as Portugalia. TAP Express will double the number of weekly flights between Lisbon and Porto to 114.

The company would not disclose how much it would pay under the lease contracts.