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Update of imports and exports under Phase V of oil-for-food

Office of the Iraq Programme
Weekly update for 16 February 1999


The oil overseers report that in the week from 6 to 12 February Iraq
exported 15 million barrels of oil with an estimated value of $129
million dollars. Since the first oil shipments under Phase V on 4
December, Iraq has exported 143.84 million barrels of oil for an average
export rate of 2.07million barrels per day. The revenue raised is about
$1.231 billion.

The overseers approved an additional contract for the sale of oil. A
Panamanian company will buy one million barrels of Kirkuk crude for
Europe. The overseers have now approved 80 contracts for the sale of
Iraqi crude with a total volume of 297,900,000 barrels (155.2 m barrels
of Basrah Light, 142.7 m barrels of Kirkuk). (Please note that there
have been a number of upward adjustments in several contracts approved
earlier resulting in an increase in the overall volume of oil approved
for export).

In the past week the Security Council's 661 Committee approved an
additional 32 contracts for humanitarian supplies to be funded from oil
sales during Phase V of the oil for food programme from 26 November 1998
to 23 May 1999. This brings the total contracts approved under Phase V
to 86 with a total value of $407.2 million. So far the OIP has received
217 contracts and no contract has been placed on hold.

Arrivals of humanitarian supplies during the week included combine
harvesters, printing materials, electrical equipment spare parts, a
truck mounted crane and other trucks, medical books, pesticides as well
as food and medicine.

In the oil sector, the 661 Committee approved 11 contracts for spare
parts and equipment worth $9,301,925. To date the OIP has received 513
contracts with a value of $275,510,482. The total number of contracts
approved so far is 347 worth $196,898,854.

The 11 new approvals include eight contracts, worth $7,557,509, released
from hold. There were no additional contracts placed on hold, reducing
the number on hold to 102 worth $34,116,834.

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