Iraq Switches off Oil Pipeline to TurkeyHaving announced the suspension of its oil exports under UN relief scheme, Iraq has stopped pumping oil into the Iraq-Turkey pipeline, the UN office of the Iraq program said Tuesday.The office, who is overseeing the UN's humanitarian effort in Iraq, said in a report that Iraq has not scheduled any new loadings for the current phase IX of the program, whose extension came into effect on June 4 and runs through July 3. In the week leading up to June 1, Iraq exported a total of 17.4 million barrels of oil, earning an estimated 419 million US dollars in revenue at current prices, it said. According the office, Iraqi oil exports in phase IX have totaled 285.8 million barrels, for an estimated 6.5 billion dollars. It said that since the beginning of the oil-for-food program on December 10 1996, Iraq has exported 2.49 billion barrels of oil for an estimated revenue of some 44.1 billion dollars. There was a significant drop in the total value of contracts placed on hold by the UN sanctions committee on Iraq, following the release from hold of some 410 contracts, worth 703.5 million dollars by the US only. The reduction in holds brought their total value from the previous week's 3.7 billion dollars down to 2.96 billion dollars. The oil-for-food program was set up by the Security Council in April 1995 as a temporary measure to provide for the humanitarian needs of the Iraqi people. Under the program, Iraq is allowed to sell its petroleum and petroleum products and use the revenue to purchase humanitarian goods, pay compensation to victims claiming damages as a result of the 1990 Gulf war, and cover the expenses for UN operations in the country. The Security Council on June 1 passed a resolution extending the U.N. Oil-for-Food Program for one month. One day prior to the UN resolution, Iraq has already announced that it would stop oil export and stop concluding any oil contract if the UN Security Council adopt any resolution based on a US-British draft aimed at renewing sanctions against Iraq. Britain, backed by the United States, on May 21 offered a draft resolution which proposes a lift of UN controls of Iraq's civilian imports, but keeps restrictions on its concept of military-related materials. Russia on the following day offered its own version of a draft resolution aimed at bringing a six- month extension to the existing oil-for-food humanitarian program. |
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