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30 April 2002
Oil-for-Food Background Information


Weekly Update

(20 - 26 April 2002)

There were no Iraqi oil exports under the United Nations oil-for-food programme during the week in review. Iraq suspended its oil exports on 8 April 2002.

In current phase XI of the programme, 207 million barrels of oil have been lifted out of the 360 million barrels approved under 152 oil purchase contracts. Revenue generated from these exports is estimated at €4.38 billion (euros) or $3.93 billion, at current prices and rate of exchange.

There are no funds available at the moment to cover 1,192 approved contracts for the purchase of various humanitarian supplies and equipment, valued at $2.9 billion, including 301 contracts worth $641 million in phase XI. Revenue loss, as a result of Iraq’s suspension of oil exports, is now estimated at $1.2 billion.

Since the beginning of the programme on 10 December 1996, Iraq has exported some 3 billion barrels of oil, for an estimated $38.6 billion and €17 billion ($14.9 billion) in revenue. With 72 per cent of the oil revenue being allocated to the humanitarian programme, some $34.3 billion worth of humanitarian supply contracts have been approved by the Security Council’s 661 sanctions committee and “fast-tracked” by the Office of the Iraq Programme (OIP), including some $3.1 billion worth of contracts for oil industry spare parts and equipment. To date, approximately $21.4 billion worth of humanitarian supplies and equipment have been delivered to Iraq, including $1.3 billion worth of oil industry equipment. Another $10 billion worth of humanitarian supplies, for which funds were available, including $1.7 billion worth of oil industry equipment, are in the production and delivery pipeline.

More contracts were released from hold by the 661 Committee than new ones placed on hold during the week. In all, 46 contracts, worth almost $130 million were released from hold, while 36 new contracts, worth $60 million were placed on hold. The total value of “holds” stood at about $5.1 billion, covering 2,106 contracts, of which 1,442, worth about $4.4 billion, were for humanitarian supplies and 664 contracts, worth $722 million, were for oil industry spare parts and equipment.

In the category of “inactive holds” there were 242 contracts, valued at $417 million, for which suppliers had not provided the additional technical information requested by the “holding” Committee member(s) in over 60 days. At the same time, in the category of “active holds”, there were 456 contracts, worth more than $1.2 billion, for which there was no feedback from the holding Committee member(s) in excess of 60 days, despite the provision of additional information by suppliers.

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Produced for media and public information – not an official United Nations Document
For further information please contact Hasmik Egian, OIP - NY, 1.212.963.4341