Iraq earns additional $362 million under UN 'oil-for-food' programme

Iraq has exported 16.8 million barrels of crude over the past week, earning an estimated €397 million (euros), or $362 million, under the United Nations oil-for-food programme that allows Baghdad to use a portion of its petroleum revenues to purchase humanitarian relief goods.

According to the UN Office of the Iraq Programme, during the week ending 24 August, UN oil overseers approved 12 new oil purchase contracts for a total of 19 million barrels of oil.

Over the same period, the Security Council committee monitoring the sanctions against Iraq, known as the 661 committee for the resolution which created it, placed on hold 32 new contracts, valued at $96.4 million. The committee also released from hold nine contracts worth $7.7 million. The total value of "holds" now stands at $3.58 billion, the Office reported.

The oil-for-food programme was set up by Security Council resolution 986 in April 1995 as a "temporary measure to provide for the humanitarian needs of the Iraqi people." The first oil under the programme was exported in December 1996 and the first shipments of food arrived the following March.