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Iraq Earns Another 450 Million Dollars in UN "Oil-for-Food" Program
Iraq exported 16.3 million barrels of oil last week, earning an additional 450 million US dollars for the United Nations humanitarian "oil-for-food" program, the United Nations Office of Iraq Program reported on Tuesday.
The office, which administers the UN humanitarian "oil-for-food" program, said that in the week to October 13, the UN Security Council sanctions committee approved two additional contracts for the sale of Iraqi oil.
Since the beginning of the phase VIII of the "oil-for-food" program on June 9, which ends on December 5, 2000, Iraq's oil exports have totaled 263.1 million barrels, the office said.
The office said since the first oil exports under the program, on December 10, 1996, Iraq has exported 2,093 million barrels of oil with a value of over 35.7 billion dollars.
The total value of contracts on hold in all sectors of the program is now more than 2.25 billion, comprising over 1.97 billion for humanitarian supplies and almost 279 million for oil industry spare parts and equipment, the office reported.
Under the Security Council resolution establishing the "oil-for-food program," 66 percent of earning goes to fund the country's humanitarian needs and 30 percent is directed to the Compensation Commission which pays claims arising from Iraq's 1990 invasion of Kuwait. The remainder goes to pay the costs of the UN Monitoring, Verification and Inspection Commission and UN operational costs.
The sanctions against Iraq cannot be lifted until Iraq is clarified to be free of weapons of mass destruction.
The UN arm inspectors have been away from Iraq since the US-led military air strikes against the country in December 1998.
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