Office of the Iraq Programme Oil for Food

29 August 2000

Oil-for-Food Background Information

Weekly update for the period 19 - 25 August 2000

During the period 19 to 25 August 2000 Iraq exported 17.2 million barrels of oil for revenue estimated at around $479 million. The revenue generated from the beginning of phase VIII on 9 June is now around $3.8 billion.

Last week, the Security Council’s 661 Committee approved one additional new contract for the sale of Iraqi oil under phase VIII. This brings the total of approved contracts to 98 with a volume of over 384 million barrels (230.1 million Basrah Light and 154.2 million Kirkuk). Since the inception of the "oil for food" programme on 10 December 1996, Iraq has exported more than 1,986 million barrels with a value around $32.8 billion.

For the first three 180 day phases the Security Council put a ceiling of two billion dollars on the value of oil which Iraq could export. From phase four onwards that ceiling began to be lifted and there is currently no limit to the value of oil Iraq is permitted to export. Around 66 per cent of the revenue funds the humanitarian programme, 30 per cent goes to the Compensation Commission plus 2.2 per cent for the United Nations’ costs in administering the programme and 0.8 percent for the administration of the UN Monitoring, Verification and Inspection Commission.

In the past week the Committee approved an additional 74 contracts for the humanitarian programme in Iraq. Altogether, in phases IV to VIII, the Committee has now approved $7.71 billion worth of contracts for humanitarian supplies and put contracts worth $1.511 billion on hold (centre/south of Iraq only). In the oil sector, the Committee has approved 2,053 contracts worth just over $1.058 billion and put 505, worth $278 million, on hold. The total value of contracts on hold in all sectors is now $1.789 billion.

Using the "fast track" process based on lists (see the OIP website for details) in the food, health, education, agriculture and oil sectors, the OIP has notified the Committee of 705 contracts worth over $1.5 billion. A list of water and sanitation supplies has now been added for eligibility under the accelerated approval procedures.

Humanitarian supplies and equipment for the oil industry continued to arrive normally through the three land border points and at the Iraqi port of Umm Qasr.

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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 for the period 19 - 25 August 2000 During the period 19 to 25 August 2000 Iraq exported 17.2 million barrels of oil for revenue estimated at around $479 million. The revenue generated from the beginning of phase VIII on 9 June is now around $3.8 billion. Last week, the Security Council’s 661 Committee approved one additional new contract for the sale of Iraqi oil under phase VIII. This brings the total of approved contracts to 98 with a volume of over 384 million barrels (230.1 million Basrah Light and 154.2 million Kirkuk). Since the inception of the "oil for food" programme on 10 December 1996, Iraq has exported more than 1,986 million barrels with a value around $32.8 billion. For the first three 180 day phases the Security Council put a ceiling of two billion dollars on the value of oil which Iraq could export. From phase four onwards that ceiling began to be lifted and there is currently no limit to the value of oil Iraq is permitted to export. Around 66 per cent of the revenue funds the humanitarian programme, 30 per cent goes to the Compensation Commission plus 2.2 per cent for the United Nations’ costs in administering the programme and 0.8 percent for the administration of the UN Monitoring, Verification and Inspection Commission. In the past week the Committee approved an additional 74 contracts for the humanitarian programme in Iraq. Altogether, in phases IV to VIII, the Committee has now approved $7.71 billion worth of contracts for humanitarian supplies and put contracts worth $1.511 billion on hold (centre/south of Iraq only). In the oil sector, the Committee has approved 2,053 contracts worth just over $1.058 billion and put 505, worth $278 million, on hold. The total value of contracts on hold in all sectors is now $1.789 billion. Using the "fast track" process based on lists (see the OIP website for details) in the food, health, education, agriculture and oil sectors, the OIP has notified the Committee of 705 contracts worth over $1.5 billion. A list of water and sanitation supplies has now been added for eligibility under the accelerated approval procedures. Humanitarian supplies and equipment for the oil industry continued to arrive normally through the three land border points and at the Iraqi port of Umm Qasr.
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