23 October 2001
(13 - 19 October 2001)
In the week 13 – 19 October 2001,
Iraq exported 15.9 million barrels of oil, registering a slight increase from
the previous week’s total of 14.7 million barrels.
There were five loadings each at the two authorized loading terminals of
Mina al-Bakr and Ceyhan, with 9.9 million barrels of oil from the former, and
six million barrels from the latter. An
estimated €310 million (euros) or $280 million in revenue was earned from the
week’s exports, at current prices and rate of exchange, bringing the total
estimated revenue in current phase X of the programme to €4.5 billion or just
over $4 billion. The average price
of Iraqi crude oil during the week was approximately €19.45 or $17.60 per
During the week, the United Nations oil
overseers approved three new oil purchase contracts.
There are now 134 approved oil purchase contracts in phase X, for 378
million barrels of oil, 229 million of which are for Basrah Light and 149
million for Kirkuk crude. So far,
Iraq has exported 211.1 million barrels of oil.
Phase X ends on 30 November 2001.
beginning of the oil-for-food programme on 10 December 1996, some $38.6 billion
and €11.2 billion ($9.7 billion) in estimated
revenue has been generated from the export of more
than 2.7 billion barrels of oil. With
the adoption of Security Council resolution 1330 (2000) on 5 December 2000, 72
per cent of the oil proceeds fund the humanitarian programme in Iraq, 59 per
cent of which is for the 15 central and southern governorates and 13 per cent
for the three northern governorates.
In the course of the programme, over $29
billion worth of humanitarian supply contracts have been both approved by the
Security Council’s 661 sanctions committee and “fast-tracked” by the
Office of the Iraq Programme (OIP), including $2.4 billion worth of contracts
for oil industry spare parts and equipment.
To date, more than $15.4 billion worth of humanitarian supplies and $938
million worth of oil industry spare parts and equipment have been delivered to
Iraq. Another $11.2 billion worth
of humanitarian supplies and $1.5 billion worth of oil spare parts and equipment
are in the production and delivery pipeline.
By the end of the week, the value of
contracts placed on hold by the 661 Committee stood at $3.99 billion, up from
the previous week’s total of $3.85 billion.
Two high-value contracts, one in the health sector for an oxygen plant,
worth $58.3 million, and another in the oil industry sector, worth $44.1
million, contributed to the overall increase in the value of
“holds”. During the
week, the Committee released from hold 23 contracts, worth $61.1 million, while
placing on hold 44 new contracts, worth $164.5 million.
In all, 1,500 contracts were on hold, including 1,016 for humanitarian
supplies, worth $3.45 billion, and 484 contracts for industry spare parts and
equipment, worth $537 million.
At a briefing to the 661 Committee on the implementation of the programme in the agricultural sector, the Food and Agriculture Organization (FAO) noted that, as at 30 September 2001, almost $3 billion worth of agricultural supply and equipment contracts had been submitted, of which 81 per cent or $2.4 billion worth had been approved, while $420 million worth or 14 per cent had been placed on hold. FAO expressed concern at the level of “holds”, especially in view of the impact on the sector of two consecutive years of severe drought in Iraq.
As at 19 October, almost $1.5 billion and €712 million in unused funds were available in the United Nations escrow account for the issuance of additional letters of credit for the purchase of humanitarian supplies and oil spare parts and equipment by the Government of Iraq.
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