Bahrain's Gulf Air plans to ground its fleet of Airbus SAS A340 long-haul jetliners and hedge on fuel purchases in order to cut costs, Reuters has reported. The carrier will replace the five four-engine A340s with four twin-engine Boeing 777-model planes, CEO Bjorn Naf said on Tuesday. Gulf Air intends to take delivery of four Airbus A330 widebodies and five A320s this year.