Office of the Iraq Programme Oil for Food

18 May 1999

Oil-for-Food Background Information

Weekly update covering the period 8-14 May 1999

With ten days remaining in Phase V, Iraq has so far exported 327.9 million barrels of oil providing revenue estimated at $3.52 billion.

For Phase V (26 November 1998 - 24 May 1999) the oil overseers and the Security Council's 661 Committee approved 96 contracts for the export of 372 million barrels of Iraqi oil (212.1m of Basrah light and 159.95m barrels of Kirkuk).

In the week to 14 May, exports totalled 11.8 million barrels in seven loadings with an estimated value of $167 million. The average daily exports since the beginning of Phase V is 1.93 million barrels and the average revenue is $10.73 a barrel.

During the current reporting period, the 661 Committee approved an additional 11 contracts for the supply of oil industry spare parts and equipment worth $4.3 million. This brings the total number of oil sector contracts approved in Phases IV and V to 481 worth $264.5 million. At present, there are 134 contracts on hold worth $53.7 million. Since the first arrivals under the programme in December last year, around $15 million worth of oil industry equipment has reached Iraq.

The Committee has approved a further five contracts for humanitarian supplies for Phase IV bringing the total approvals to 679 worth $1.54 billion dollars. There are still 46 contracts on hold worth $84.4 million. None of these 46 contracts is for the supply of medicines.

For Phase V - the Committee approved a further 34 contracts for humanitarian supplies bringing the total approvals to 569 worth $1.187 billion dollars. Another nine contracts were put on hold bringing the total on hold to 77 worth $90 million. Two of the contracts currently on hold are for medicines (sedatives, anti-inflammatories, antibiotics) - with a total value of $729,000.

Food arrivals in the past week included wheat, tea, cooking oil, pulses and powdered infant formula. Other supplies arriving in Iraq included a shipment of sporting goods including leather handballs, 300 men's and 150 women's javelins, gymnastic equipment and 1500 badminton shuttlecocks.

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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 covering the period 8-14 May 1999 With ten days remaining in Phase V, Iraq has so far exported 327.9 million barrels of oil providing revenue estimated at $3.52 billion. For Phase V (26 November 1998 - 24 May 1999) the oil overseers and the Security Council's 661 Committee approved 96 contracts for the export of 372 million barrels of Iraqi oil (212.1m of Basrah light and 159.95m barrels of Kirkuk). In the week to 14 May, exports totalled 11.8 million barrels in seven loadings with an estimated value of $167 million. The average daily exports since the beginning of Phase V is 1.93 million barrels and the average revenue is $10.73 a barrel. During the current reporting period, the 661 Committee approved an additional 11 contracts for the supply of oil industry spare parts and equipment worth $4.3 million. This brings the total number of oil sector contracts approved in Phases IV and V to 481 worth $264.5 million. At present, there are 134 contracts on hold worth $53.7 million. Since the first arrivals under the programme in December last year, around $15 million worth of oil industry equipment has reached Iraq. The Committee has approved a further five contracts for humanitarian supplies for Phase IV bringing the total approvals to 679 worth $1.54 billion dollars. There are still 46 contracts on hold worth $84.4 million. None of these 46 contracts is for the supply of medicines. For Phase V - the Committee approved a further 34 contracts for humanitarian supplies bringing the total approvals to 569 worth $1.187 billion dollars. Another nine contracts were put on hold bringing the total on hold to 77 worth $90 million. Two of the contracts currently on hold are for medicines (sedatives, anti-inflammatories, antibiotics) - with a total value of $729,000. Food arrivals in the past week included wheat, tea, cooking oil, pulses and powdered infant formula. Other supplies arriving in Iraq included a shipment of sporting goods including leather handballs, 300 men's and 150 women's javelins, gymnastic equipment and 1500 badminton shuttlecocks.
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