Office of the Iraq Programme Oil for Food

8 February 1999

Oil-for-Food Background Information

Weekly Update from the Office of the Iraq Programme

During the week from 30 January to 5 February 1999, the oil overseers report that Iraq exported 17.7 million barrels of oil with an estimated value of $150 million dollars. There were 13 loadings and about 45% of the oil was exported from Ceyhan.

Iraq began exporting oil under the terms of Phase V of the oil for food programme, authorised by Security Council resolution 1210 (1998), on 5 December. Since then it has exported a total of 129.84 million barrels - an average of 2.06m barrels a day. The revenue earned during Phase V is about $1.1 billion at current prices - indicating an average price of $8.47 a barrel.

The overseers advise that in the same period they approved an additional two contracts for the sale of Iraqi oil. One for two million barrels of Kirkuk crude to a Moroccan company destined for Europe and the second to a Russian company for ten million barrels of Basrah Light destined for the USA and Far East and three million barrels of Kirkuk crude destined for Europe.

To date the overseers have approved 79 contracts for the sale of Iraqi oil for a total of 292.9m barrels (152.2 m Basrah Light, 140.7 m Kirkuk).

During last week, the Security Council's 661 Committee approved 13 contracts for the import of $9,645,724 worth of oil industry spare parts and equipment. Six of these contracts were released from hold. The total number of contracts approved so far is 336 worth $187,596,930.

Last week, the Office of the Iraq Programme received another 15 oil sector contracts worth $6,129,384. The total number of contracts received so far is 508 with a total value of $272,012,949.

The Committee put another three contracts for oil spares and equipment on hold with a total value of $486,681.There are now 110 oil sector contracts on hold worth $41,674,342.

Under Phase V, the Committee has approved 54 contracts for humanitarian supplies and another ten are awaiting approval under the no-objection procedure. The value of the approved contracts which are mainly for the supply of food sector items is $311.4 million. There are no Phase V contacts on hold. To date the Committee has approved $1.4 billion dollars worth contracts for humanitarian supplies under Phase IV.

On 1 February, the Swiss company Cotecna took over from Lloyds Register of the United Kingdom as independent inspection agents responsible to the United Nations for authenticating and certifying the arrival of humanitarian supplies at border points between Iraq and Jordan, Syria and Turkey and at Iraq's port of Umm Qasr.

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For further information please contact Hasmik Egian, OIP - NY, 1.212.963.4341

Oil-for-Food Background Information		Weekly Update from the Office of the Iraq Programme During the week from 30 January to 5 February 1999, the oil overseers report that Iraq exported 17.7 million barrels of oil with an estimated value of $150 million dollars. There were 13 loadings and about 45% of the oil was exported from Ceyhan. Iraq began exporting oil under the terms of Phase V of the oil for food programme, authorised by Security Council resolution 1210 (1998), on 5 December. Since then it has exported a total of 129.84 million barrels - an average of 2.06m barrels a day. The revenue earned during Phase V is about $1.1 billion at current prices - indicating an average price of $8.47 a barrel. The overseers advise that in the same period they approved an additional two contracts for the sale of Iraqi oil. One for two million barrels of Kirkuk crude to a Moroccan company destined for Europe and the second to a Russian company for ten million barrels of Basrah Light destined for the USA and Far East and three million barrels of Kirkuk crude destined for Europe. To date the overseers have approved 79 contracts for the sale of Iraqi oil for a total of 292.9m barrels (152.2 m Basrah Light, 140.7 m Kirkuk). During last week, the Security Council's 661 Committee approved 13 contracts for the import of $9,645,724 worth of oil industry spare parts and equipment. Six of these contracts were released from hold. The total number of contracts approved so far is 336 worth $187,596,930. Last week, the Office of the Iraq Programme received another 15 oil sector contracts worth $6,129,384. The total number of contracts received so far is 508 with a total value of $272,012,949. The Committee put another three contracts for oil spares and equipment on hold with a total value of $486,681.There are now 110 oil sector contracts on hold worth $41,674,342. Under Phase V, the Committee has approved 54 contracts for humanitarian supplies and another ten are awaiting approval under the no-objection procedure. The value of the approved contracts which are mainly for the supply of food sector items is $311.4 million. There are no Phase V contacts on hold. To date the Committee has approved $1.4 billion dollars worth contracts for humanitarian supplies under Phase IV. On 1 February, the Swiss company Cotecna took over from Lloyds Register of the United Kingdom as independent inspection agents responsible to the United Nations for authenticating and certifying the arrival of humanitarian supplies at border points between Iraq and Jordan, Syria and Turkey and at Iraq's port of Umm Qasr.
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