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Iraq Earns 252 Million US Dollars Under "Oil-for-Food" Program
Exporting 12 million barrels of crude over the past week, Iraq has earned an additional 252 million US dollars under the UN "oil-for-food" program, the United Nations Office of the Iraq Program said Tuesday in a statement.
During the week leading back to July 21, the UN oil overseers approved six more oil purchase contracts for 37 million barrels of oil. In total, 65 contracts for 227 million barrels of oil have been approved under the current phase of the program, which runs through 30 November.
At the end of the week, the value of contracts placed on hold by the Security Council sanctions committee stood at 3.5 billion dollars, according to the office.
Fifteen contracts worth 15 million dollars were released from hold, while 33 new contracts worth 66 million were placed on hold, it said.
After the Security Council on July 4 adopted resolution 1360 extending the program for 150 days, Iraq gradually resumed its oil exports which had been switched off for one month in protest against the U.S.-British "smart sanctions."
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