Office of the Iraq Programme Oil for Food

28 September 1998

Oil-for-Food Background Information

Iraq reinstates 2.8 million barrels in oil sales

The United Nations Oil Overseers advise that the Iraqi oil marketing body (SOMO) has reinstated 2.8 million barrels previously cut from contracts with two companies. The number of oil contracts approved in the current 180 day phase remains at 57 and the amount of oil contracted for is now 301,305,00 barrels. One contract is still pending due to the lack of supporting documents.

During the reporting period 19-25 September 1998, there were 9 loadings totalling 10.2 million barrels with an estimated value of $124 million. The total revenue generated from the beginning of Phase IV is about $1,958 million at current prices.

The Security Council's 661 Committee approved three additional oil spare parts contracts during the past week. The three contracts were with French companies and were for valves, pipeline equipment and spares. The contracts were worth $86,472, $153,259 and $27,019.

The Secretariat received 34 new contracts for oil spare parts for a total of 119 contracts with a value of $108,895,764. Of these, 28 contracts have been approved worth $54,786,774. The 661 Committee has put 31 contracts on hold - the value of these contracts is $26,828,761.

The 661 Committee approved 27 additional humanitarian sales applications under the enhanced distribution plan last week for a total approvals of 418, put 13 on hold and blocked none. It also approved three humanitarian sales applications under the third distribution plan.

Since the first deliveries in March 1997, the "oil for food" programme has delivered seven million tonnes of foodstuffs to Iraq, worth more than $2.25 billion and $366 million dollars of medicine and health supplies.

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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

Oil-for-Food Background Information		Iraq reinstates 2.8 million barrels in oil sales The United Nations Oil Overseers advise that the Iraqi oil marketing body (SOMO) has reinstated 2.8 million barrels previously cut from contracts with two companies. The number of oil contracts approved in the current 180 day phase remains at 57 and the amount of oil contracted for is now 301,305,00 barrels. One contract is still pending due to the lack of supporting documents. During the reporting period 19-25 September 1998, there were 9 loadings totalling 10.2 million barrels with an estimated value of $124 million. The total revenue generated from the beginning of Phase IV is about $1,958 million at current prices. The Security Council's 661 Committee approved three additional oil spare parts contracts during the past week. The three contracts were with French companies and were for valves, pipeline equipment and spares. The contracts were worth $86,472, $153,259 and $27,019. The Secretariat received 34 new contracts for oil spare parts for a total of 119 contracts with a value of $108,895,764. Of these, 28 contracts have been approved worth $54,786,774. The 661 Committee has put 31 contracts on hold - the value of these contracts is $26,828,761. The 661 Committee approved 27 additional humanitarian sales applications under the enhanced distribution plan last week for a total approvals of 418, put 13 on hold and blocked none. It also approved three humanitarian sales applications under the third distribution plan. Since the first deliveries in March 1997, the "oil for food" programme has delivered seven million tonnes of foodstuffs to Iraq, worth more than $2.25 billion and $366 million dollars of medicine and health supplies.
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