Global Policy Forum

Iraq Earns Another 481 Million Dollars

Xinhua News
September 26, 2000

Iraq exported 18.1 million barrels of oil last week, earning an additional 481 million U.S. dollars for the United Nations humanitarian "oil-for- food" program, the United Nations Office of Iraq Program said on Tuesday. The office, which administers the U.N. humanitarian "oil-for- food" program, reported that in the week to September 22, the U.N. Security Council sanctions committee approved one new contract for the sale of Iraqi oil.

Since the beginning of the phase VIII of the "oil-for-food" program on June 9, Iraq has exported 220.1 million barrels for a total revenue of around 5.5 billion dollars, the office said. The office said that since the first oil exports under the program began on December 10, 1996, Iraq has exported just over 2, 050 million barrels with a value of over 34.5 billion dollars.

The total value of contracts on hold in all sectors has reached 2 billion, and the highest level of holds is in the transport and telecommunications sector with over 45 percent of all circulated contracts in this sector having been placed on hold, 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 U.N. Monitoring, Verification and Inspection Commission and U.N. operational costs.

The sanctions against Iraq cannot be lifted until the United Nations clarifies that Iraq has destroyed all its weapons of mass destruction. The U.N. arm inspectors have been away from Iraq since the U.S.- led military air strikes against the country in December 1998.

More Information on Sanctions Against Iraq
More Information on the Oil for Food Program


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