(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.