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Oil-for-Food Background Information

 

United Nations Office of the Iraq Programme

Press Release

22 September 1998

The following statement is attributable to John Mills, Spokesman for the Office of the Iraq Programme

There were no new oil contracts approved by the Oil Overseers in the period 12 to 18 September. The number of oil contracts approved in the current 180 day phase remains at 57 for a total of 298,505,000 barrels. One contract remains pending due to the lack of supporting documents.

During the reporting period, there were 13 loadings totalling 14.7 million barrels with an estimated value of $182 million. The total revenue generated from the beginning of Phase IV is about $1800 million. Phase IV runs from May 30 to November 25 1998.

There was one new application for oil spare parts received by the Secretariat in the past week bringing the total received to 85. Two more contracts were approved - bringing the total approvals to 25. At present there are 5 contracts for oil spare parts pending the seven day no-objection deadline and 29 contracts on hold.

The two new contracts were with French and Russian companies and were both for pipeline equipment and spares. The French contract was worth $16.69 million and the Russian contract $383,758. The total value of oil spare parts contracts approved to date is $54.52 million.

The 661 Committee approved 24 additional humanitarian sales applications under the enhanced distribution plan last week for a total approvals of 391, put six on hold and blocked none. It also approved four humanitarian sales applications under the third distribution plan.

Since the first deliveries in March 1997, the "oil for food" programme has delivered nearly seven million tonnes of foodstuffs to Iraq, worth more than $2.2billion and $366 million dollars of medicine and health supplies.

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