During
the week leading to 24 November, Iraq exported 16.1 million barrels of oil
through 15 loadings at Mina al-Bakr and Ceyhan oil terminals, raising an
estimated $464 million in revenue under the United Nations oil-for-food
programme. Iraq’s total oil exports in current phase VIII now stand at 359.9
million barrels for an estimated revenue of over $9.3 billion. Phase VIII ends
on 5 December 2000.
Since
the start of the Programme on 10 December 1996 Iraq has exported over 2,190
million barrels, bringing the estimated total revenue to more than $38.3
billion.
The
Security Council’s 661 sanctions committee for Iraq last week approved 26
contracts for humanitarian supplies and 13 contracts for oil industry spare
parts and equipment. Another 17 humanitarian and one oil spare parts contracts
were approved by the Office of the Iraq Programme (OIP) under
“fast track” procedures, based on pre-approved lists of supplies.
Altogether,
in phases IV to VIII, the Committee has now approved over $9.1 billion worth
of contracts for humanitarian supplies and put contracts worth just over $2
billion on hold (centre/south of Iraq only).
In the oil sector, the Committee has approved 2,295 contracts worth
over $1.2 billion and put 561, worth almost $334 million, on hold. The total
value of contracts on hold in all sectors now stands at over $2.3 billion.
Under
the “fast track” procedures OIP has processed over $2.8 billion worth of
humanitarian supply contracts and another $53 million worth of oil spare
contracts since the start of these procedures in March of this year.
