U.N. council approves spare parts to repair Iraqi oil fields
Iraq-UN, Economics, 6/20/1998

The United Nations Security Council approved on Friday the delivery of spare parts to Iraq for the repair of its oil fields. In a unanimous decision, the council said the purchase of the equipment may be financed with the proceeds from humanitarian oil sales to up to $300 million.

The intention of the council is to enable Iraq to bring its exports up to the $5.2 billion level as authorized for six months by resolution 1153 adopted in February, previously the limit had been $2 billion, Map reported.

Iraq's oil fields have been in disrepair from years of neglect as a result of the trade embargo the council imposed on Iraq in 1990.

The current humanitarian program is based on resolution 986, permitting $2 billion in oil sales over each six-month period. The program took effect in December 1996 and is now in its fourth phase.

Under the resolution, the distribution plan approved by the Secretary-General in May "or any new distribution plan submitted by Iraq and approved by the Secretary-General will remain in effect for each subsequent periodic renewal of the temporary humanitarian arrangements for Iraq."

Previous Stories:
  Iraq recognizes borders with Kuwait   (6/17/1998)
  Butler meeting with Tariq Aziz today   (6/13/1998)
  Great changes for Iraqi ambassadors   (6/11/1998)

Please add a link on your webiste pointing to ArabicNews.com and bookmark ArabicNews.com & subscribe to our daily email news bulletin.

Search