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Oil-for-Food Background Information
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Weekly Update covering the period 12 to 19 February
1999
Since the Secretary-General's 29 December 1998 appeal for members of the
Security Council's 661 Committee to review the status of contract
applications for the purchase by Iraq of oil industry spare parts and
equipment, holds have been lifted on 92 contracts.
At the end of 1998 there were 144 contracts worth $45 million dollars on
hold. An additional 34 contracts have been put on hold this year. However,
as of 19 February there were 86 contracts on hold worth just $24 million
dollars as against 367 approved worth $208.8 million. (see
full list of oil sector contracts approved)
During the past week, the Office of the Iraq Programme received a further
three oil sector contacts worth $463,963 bringing the total number received
to 516 worth $275,974,445.
The oil overseers have approved another two contracts for the sale of Iraqi
oil. One contract for 3 million barrels of Kirkuk crude to a Greek company
for use in Europe and a second contract for 1.8 million barrels of Kirkuk
crude to a Malaysian company for use in the Far East.
For Phase V, the overseers have approved 82 contracts for a total volume of
303.7 million barrels (157m Basrah and 146.7m Kirkuk). During the week, Iraq
exported 11.1 million barrels of oil in ten liftings with an estimated value
of $95 million. Since the first oil shipments under Phase V on 4 December,
Iraq has exported 154.94 million barrels of oil for an average export rate
of 2 million barrels per day. The revenue raised is about $1.317 billion.
The 661 Committee has now approved 100 contracts under Phase V of the oil
for food programme. The contracts are worth $460.3 million. The Committee
has approved $1.44 billion dollars worth of humanitarian supplies under
Phase IV (30 May to 25 November 1998).
In the past week, the independent inspection agents have authenticated
cargoes of humanitarian supplies on 2250 trucks at the Trebil border
crossing with Jordan, 11 trucks at the Al-Waleed border crossing with Syria
and 35 trucks at the Zakho border crossing with Turkey. Cargoes on seven
ships were inspected and authenticated at the Iraqi port of Umm Qasr.
Consignments included 378 tonnes of tea, 53,346 tonnes of wheat, 921 tonnes
of infant formula as well as medical supplies including radiological
equipment for treating cancer, dental equipment and antibiotics. Other
supplies included chlorine gas for water purification; tractor spare parts
and combine harvesters
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