Iraqi oil sales at US $2 billion

Iraqi Oil Minister Amer Rashid announced on Monday that Iraq has signed contracts to sell oil with an estimated value of US $2 billion since the beginning of an extension of the oil-for-food agreement on May 25.

Rashid said that Iraq has asked the United Nations to lift its current allocation for the purchase of spare parts for Iraqi oil firms to US $600 million instead of US $300 million.

He added that three oil tankers arrived on Monday in Jeihan port on the Mediterranean while a fourth oil tanker is expected to arrive today at al-Baker port on the Gulf to transport the quantities of purchased oil.

The oil-for-food agreement permits Iraq, which has been subjected to an oil embargo since 1990, to sell oil worth US $5.2 billion every six months to buy basic materials under the supervision of the UN.