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Iraq earns additional $252 million under UN 'oil-for-food' programme

Iraq earns additional $252 million under UN 'oil-for-food' programme

Exporting 12 million barrels of crude over the past week, Iraq has earned an additional €287 million (euros), or $252 million, under the "oil-for-food" programme, which allows Baghdad to use a portion of its petroleum revenues to purchase humanitarian relief.

According to the United Nations Office of the Iraq Programme, which oversees the effort, the average price of Iraqi crude oil during the week was approximately €24.82, or $21.70, per barrel. Prices are based on going market rates.

During the past week, 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 programme, 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. Fifteen contracts worth $15 million were released from hold, while 33 new contracts worth $66 million were placed on hold. The "released" contracts included those for ambulances, medical appliances, vehicles, a sprinkler irrigation system, chemicals, valves and pipes. The new "holds" were for excavators, radio equipment, buses, trucks, water tankers, pesticides, mobile cranes and steam boilers.