Office of the Iraq Programme Oil for Food

16 February 1999

Oil-for-Food Background Information

Weekly update

The oil overseers report that in the week from 6 to 12 February Iraq exported 15 million barrels of oil with an estimated value of $129 million dollars. Since the first oil shipments under Phase V on 4 December, Iraq has exported 143.84 million barrels of oil for an average export rate of 2.07million barrels per day. The revenue raised is about $1.231 billion.

The overseers approved an additional contract for the sale of oil. A Panamanian company will buy one million barrels of Kirkuk crude for Europe. The overseers have now approved 80 contracts for the sale of Iraqi crude with a total volume of 297,900,000 barrels (155.2 m barrels of Basrah Light, 142.7 m barrels of Kirkuk). (Please note that there have been a number of upward adjustments in several contracts approved earlier resulting in an increase in the overall volume of oil approved for export).

In the past week the Security Council's 661 Committee approved an additional 32 contracts for humanitarian supplies to be funded from oil sales during Phase V of the oil for food programme from 26 November 1998 to 23 May 1999. This brings the total contracts approved under Phase V to 86 with a total value of $407.2 million. So far the OIP has received 217 contracts and no contract has been placed on hold.

Arrivals of humanitarian supplies during the week included combine harvesters, printing materials, electrical equipment spare parts, a truck mounted crane and other trucks, medical books, pesticides as well as food and medicine.

In the oil sector, the 661 Committee approved 11 contracts for spare parts and equipment worth $9,301,925. To date the OIP has received 513 contracts with a value of $275,510,482. The total number of contracts approved so far is 347 worth $196,898,854.

The 11 new approvals include eight contracts, worth $7,557,509, released from hold. There were no additional contracts placed on hold, reducing the number on hold to 102 worth $34,116,834.

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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		Weekly update The oil overseers report that in the week from 6 to 12 February Iraq exported 15 million barrels of oil with an estimated value of $129 million dollars. Since the first oil shipments under Phase V on 4 December, Iraq has exported 143.84 million barrels of oil for an average export rate of 2.07million barrels per day. The revenue raised is about $1.231 billion. The overseers approved an additional contract for the sale of oil. A Panamanian company will buy one million barrels of Kirkuk crude for Europe. The overseers have now approved 80 contracts for the sale of Iraqi crude with a total volume of 297,900,000 barrels (155.2 m barrels of Basrah Light, 142.7 m barrels of Kirkuk). (Please note that there have been a number of upward adjustments in several contracts approved earlier resulting in an increase in the overall volume of oil approved for export). In the past week the Security Council's 661 Committee approved an additional 32 contracts for humanitarian supplies to be funded from oil sales during Phase V of the oil for food programme from 26 November 1998 to 23 May 1999. This brings the total contracts approved under Phase V to 86 with a total value of $407.2 million. So far the OIP has received 217 contracts and no contract has been placed on hold. Arrivals of humanitarian supplies during the week included combine harvesters, printing materials, electrical equipment spare parts, a truck mounted crane and other trucks, medical books, pesticides as well as food and medicine. In the oil sector, the 661 Committee approved 11 contracts for spare parts and equipment worth $9,301,925. To date the OIP has received 513 contracts with a value of $275,510,482. The total number of contracts approved so far is 347 worth $196,898,854. The 11 new approvals include eight contracts, worth $7,557,509, released from hold. There were no additional contracts placed on hold, reducing the number on hold to 102 worth $34,116,834.
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