Iran Air and Boeing have signed an agreement for 80 aircraft valued at $16.6 billion, with the first units scheduled for delivery in 2018.

The order consists of 50 737 MAX 8s, 15 777-300ERs and 15 777-9s, and is expected to support tens of thousands of jobs directly associated with production and delivery, and nearly 100,000 jobs in the aerospace value stream for the full course of deliveries.

Boeing says the 737 MAX is 14 per cent more fuel efficient than today’s most efficient next generation 737s, and is scheduled to enter service in 2017.

The manufacturer says the 777-300ER is the most fuel and cost efficient aircraft in its class with the highest cargo capacity of any passenger aircraft.

It says the 777X will include new engines, an all-new composite wing and will leverage technologies from the 787 Dreamliner when it enters service in 2020.