Iraq: In reversal, Security Council frees more humanitarian contracts than it holds
According to the Office of the Iraq Programme, the total value of contracts placed on hold by the Security Council's sanctions committee decreased last week, both in absolute and relative terms, after months of gradual increase. Those contracts cover goods purchased by Iraq with a portion of its UN-administered oil revenues.
The balance shifted when the Committee released from hold 40 contracts worth $201.4 million and placed on hold 32 new contracts valued at $107.8 million, the Office said. A single contract for the electricity sector worth $110 million was among those recently released, as were a number of contracts for irrigation systems, animal vaccines, tug boats, gas turbine equipment and a waste-water treatment plant. New contracts put on hold related to water treatment and electromechanical equipment, pipes, valves, a television transmitter, medical machines and a tire-testing machine.
Overall, 1,691 contracts worth $3.5 billion were on hold, representing 17.1 per cent of the value of all contracts circulated to the committee, the Office reported.
Also during the past week, Iraq exported 14.4 million barrels of oil, earning an estimated €371 million (euros) at current prices.