Office of the Iraq Programme Oil for Food

Oil-for-Food Background Information

Weekly Update for 1 February 1999

The United Nations oil overseers report that in the past week they approved a further three contracts for the export of Iraqi oil.

The contracts are with an Irish company for 2,000,000 barrels of Kirkuk crude to Europe; a Canadian company for 1,800,000 barrels of Basrah Light to the USA and a Turkish company for 1,800,000 barrels of Kirkuk crude to Europe.

To date the overseers have approved, on behalf of the Security Council's 661 Committee, 77 contracts for the sale of 274,900,000 barrels of oil (141m Basrah Light, 133.9m Kirkuk).

In the week from 23 January to 29 January there were 10.7 million barrels of Iraqi oil, with an estimated value of $98 million, exported in eight loadings. The revenue generated from the beginning of Phase V on 26 November 1998 is about $983 million.

During the past week, the 661 Committee approved 21 contracts for oil industry spare parts and equipment worth $11,988,806. Of these, 10 worth $6,438,303 were released from hold. The total number of contracts approved so far is 323 for $177,951,205.

The Office of the Iraq Programme received a further seven contracts for oil sector equipment worth $1,286,771. The total number of contracts received under the terms of resolution 1175 (1998) is now 493 for a total value of $265,883,565. The Committee put another sixteen contracts on hold with a value of $13,768,356. This brings the total number of oil sector contracts on hold to 113 worth $50,631,743. (see here for full list of approved oil sector contracts)

Under the humanitarian programme, the OIP has received contracts worth a total of $1.778 billion in respect of Phase IV oil revenue (between 30 May and 25 November 1998). To date, the 661 Committee has approved contracts worth $1.418 billion and put on hold contracts worth $87 million.

Humanitarian supplies continued to arrive at the three land entry points. Arrivals in the past week included spares for water tanks, pumps, bakery spare parts, oil industry spare parts, combine harvesters and cheese. At the port of Umm Qasr arrivals included 73,236 tonnes of wheat, 33,402 tonnes of rice, 1187 tonnes of tea and 1505 tonnes of infant formula.

OIP Home Page

Back to Top

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		Weekly Update for 1 February 1999 The United Nations oil overseers report that in the past week they approved a further three contracts for the export of Iraqi oil. The contracts are with an Irish company for 2,000,000 barrels of Kirkuk crude to Europe; a Canadian company for 1,800,000 barrels of Basrah Light to the USA and a Turkish company for 1,800,000 barrels of Kirkuk crude to Europe. To date the overseers have approved, on behalf of the Security Council's 661 Committee, 77 contracts for the sale of 274,900,000 barrels of oil (141m Basrah Light, 133.9m Kirkuk). In the week from 23 January to 29 January there were 10.7 million barrels of Iraqi oil, with an estimated value of $98 million, exported in eight loadings. The revenue generated from the beginning of Phase V on 26 November 1998 is about $983 million. During the past week, the 661 Committee approved 21 contracts for oil industry spare parts and equipment worth $11,988,806. Of these, 10 worth $6,438,303 were released from hold. The total number of contracts approved so far is 323 for $177,951,205. The Office of the Iraq Programme received a further seven contracts for oil sector equipment worth $1,286,771. The total number of contracts received under the terms of resolution 1175 (1998) is now 493 for a total value of $265,883,565. The Committee put another sixteen contracts on hold with a value of $13,768,356. This brings the total number of oil sector contracts on hold to 113 worth $50,631,743. (see here for full list of approved oil sector contracts) Under the humanitarian programme, the OIP has received contracts worth a total of $1.778 billion in respect of Phase IV oil revenue (between 30 May and 25 November 1998). To date, the 661 Committee has approved contracts worth $1.418 billion and put on hold contracts worth $87 million. Humanitarian supplies continued to arrive at the three land entry points. Arrivals in the past week included spares for water tanks, pumps, bakery spare parts, oil industry spare parts, combine harvesters and cheese. At the port of Umm Qasr arrivals included 73,236 tonnes of wheat, 33,402 tonnes of rice, 1187 tonnes of tea and 1505 tonnes of infant formula.
OIP Home Page


Back to Top