Iraq earns an additional 418 million euros under UN oil-for-food programme

17 April 2001

Iraq has earned an additional €418 million (euros) under the United Nations "oil-for-food" programme which allows Baghdad to use a portion of its petroleum revenues to purchase humanitarian relief, the UN announced today.

According to the UN Office of the Iraq Programme, Baghdad exported 17.4 million barrels of oil last week at an average price of $21.45 (€24.05) per barrel.

During the same period, the UN oil overseers, on behalf of the Security Council committee monitoring the sanctions against Iraq, approved three more oil purchase contracts covering 5 million barrels of oil, bringing the total number of approved contracts to 149.

As of 13 April, there were 1,682 contracts worth $3.52 billion on hold, the oil-for-food programme reported. Most of those -- 1,138 contracts worth over $3 billion -- were for humanitarian supplies, while the remainder was for oil industry spare parts and equipment.

The statistics released today also showed progress in the housing sector, with the committee having approved a cumulative total of shelter-related goods worth $1.1 billion. Materials worth $98 million have arrived in Iraq, where imported building materials were being sold at less than 50 per cent of their cost. A review of distribution sites in Baghdad showed that some 54 per cent of the beneficiaries were located in low- or medium-low income areas.

 

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