TAP's CEO, Ramiro Sequeira, said on Tuesday that renegotiating contracts relating to the company's fleet of aircraft is expected to save it 1.3 billion euros between now and 2025.
The chief operating officer of TAP, Portugal’s national airline, said on Tuesday that renegotiating contracts relating to the company’s fleet of aircraft, including a postponement of the delivery of Airbus aircraft, is expected to save it 1.3 billion euros between now and 2025.
“TAP has achieved savings of 1.3 billion euros by 2025 with all the negotiations from the point of view of the fleet and, in terms of suppliers, is also guaranteeing a projected 200 to 225 million euros a year in savings,” Ramiro Sequeira said in a hearing of parliament’s committee on economy, innovation, public works and housing, called by the opposition Social Democratic Party (PSD) and Liberal Initiative (IL).
Specifically, with regard to Airbus, the COO stressed that the terms of delivery of 15 aircraft had been renegotiated, with this postponed to 2022 and after 2025.
“This exercise was extremely important for TAP’s accounts, because we are talking about one billion euros,” he said.