UN sanctions committee freezes contracts to Iraq at US $250 million
Iraq-Saudi Arabia, Economics, 8/6/1999

The UN said on Thursday that Iraq is proceeding with oil exports in a way that will enable it to reach the ceiling set by the UN every six months.

A statement circulated by John Mills, the spokesman for the oil-for-food program, said that oil exports carried out by Iraq between June 1 and July 30 according to the program reached US $2 billion.

The statement added that the amount of exports reached 124.1 million barrels and coincides with the sixth phase of the program.

The statement said that among the deliveries of raw materials submitted by Iraq, the UN sanctions committee approved contracts at a value of US $1.9 billion for the fourth and fifth phases of the program and froze contracts at a cost of US $250 million.

Frequently Iraq complains that the US and British representatives at the sanctions committee prevent the approval of such deliveries, especially those pertaining to the rehabilitation of the industrial sector with the objective of obstructing its progress.

Meanwhile, a source at the Iraqi Ministry of al-Awqaf and Religious Affairs announced that Iraq has restored part of its frozen sums in the Saudi banks since 1990.

The Saudi weekly al-Rai quoted the source as saying on Thursday that the Iraqi al-Awqaf Ministry had withdrawn these sums during the al-Haj season for this year, and this sum estimated at 3,759,000 Saudi riyals in the Iraqi central bank.

The source did not explain how these sums, frozen in accordance with the sanctions imposed by the UN on Iraq, were withdrawn.

Previous Stories:
  UN: Iraqi oil production continues to be strong   (8/5/1999)
  Chairman of Higher Council of Islamic Revolution in Iraq arrives in Saudi Arabia   (8/5/1999)
  Egyptian minister of industry to visit Baghdad   (8/3/1999)

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