January 25, 2016 8:46 AM EST

Iran is set to begin talks with Airbus to purchase more than 100 planes in a move meant to revitalize its economy since it lifted sanctions under a historic nuclear deal.

The Middle Eastern country said Sunday it would buy 114 Airbus planes to modernize its aging air fleet, AFP reported. Airbus confirmed Monday it was ready to begin negotiations for the sale of dozens of new commercial aircraft, according to the New York Times.

“We have listened to the Iranians, and we are ready to engage in commercial negotiations,” Stefan Schaffrath, an Airbus spokesman in Toulouse, France, told the newspaper.

The planes range from 100-seat turboprops to the 555-seat twin-deck Airbus A380 superjumbo, the Times reports. A deal would be signed between national carrier Iran Air and Airbus during a visit to Paris this week by President Hassan Rouhani, according to AFP.

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