|
Iraq earns additional $362 million under un 'oil-for-food' program
Iraq, Economics, 8/29/2001
Iraq has exported 16.8 million barrels of crude over the past week, earning an estimated ?397 million (euros), or $362 million, under the United Nations oil-for-food program that allows Baghdad to use a portion of its petroleum revenues to purchase humanitarian relief goods.
According to the UN Office of the Iraq Program, during the week ending August 24, UN oil overseers approved 12 new oil purchase contracts for a total of 19 million barrels of oil.
Over the same period, the Security Council committee monitoring the sanctions against Iraq, known as the 661 committee for the resolution which created it, placed on hold 32 new contracts, valued at $96.4 million.
The committee also released from hold nine contracts worth $7.7 million. The total value of "holds" now stands at $3.58 billion, the Office reported.
The oil-for-food program was set up by Security Council resolution 986 in April 1995 as a "temporary measure to provide for the humanitarian needs of the Iraqi people." The first oil under the program was exported in December 1996 and the first shipments of food arrived the following March.
Previous Stories:
Jordanian ministers head for Baghdad
(8/20/2001)
Iraq asks to allocate 915 million EURO of its oil revenues for the Palestinians
(8/20/2001)
Egyptian-Iraqi free trade agreement goes into effect
(8/20/2001)
Please add a link on your webiste pointing to ArabicNews.com and bookmark ArabicNews.com & subscribe to our daily email news bulletin.
|
Advertise on ArabicNews.com. MyFlowers.com sold more than $2700 of flowers in one month advertising on ArabicNews.com! Make your company, and products a success. Special rate for new and small business. Inquire!Advertising Info


|