In the week to 21 May, Iraq exported 15.3 million barrels of oil with an
estimated value of $209 million. For Phase V, the overseers and the Security
Council's 661 Committee approved contracts for the export of 372.45 million
barrels of Iraqi oil.
Today, the 661 Committee accepted a recommendation from the oil overseers
regarding the export of up to 17 million barrels in 12 loadings from 22 May.
This will involve five ships completing loading after the formal end of
Phase V at midnight (EST) on 24 May. The revenue from the export of this oil
will be counted as Phase V revenue - bringing the total revenue for Phase V
to an estimated $3.9 billion from the export of 360 million barrels of oil.
During the current reporting period, the 661 Committee approved an
additional 11 contracts for the supply of oil industry spare parts and
equipment worth $1.84 million. This brings the total number of oil sector
contracts approved in Phases IV and V to 492 worth $266.37 million. There
are 146 oil industry contracts on hold worth $60.3 million. So far, $21.2
million worth of oil sector equipment ordered under Phases IV and V has
arrived in Iraq.
In the humanitarian programme for Phase V, the 661 Committee approved 17
contracts in the past week and put another 17 on hold. This brings the total
approved to 586 worth $1.2 billion and the total on hold to 90 worth $106.8
million.
Humanitarian supplies continue to arrive in Iraq: arrivals in the past
week included 158,000 tonnes of wheat, 15 thousand tonnes of rice, 13,000
tonnes of cooking oil and more than eight hundred tonnes of infant formula.
In the health sector, arrivals included prostheses, medicines and 25 atomic
absorption spectrophotometers in a contract valued at $1.5 million. This
equipment will be distributed to laboratories around Iraq, including the
laboratory used for testing the quality of imported drugs. Other arrivals
included audio language lab accessories and science kits for intermediate
level schools.
