Iraq: UN reports slight dip in contracts on hold under oil-for-food programme

Iraq: UN reports slight dip in contracts on hold under oil-for-food programme

The value of contracts placed on hold under the United Nations' oil-for-food programme for Iraq dipped slightly last week, according to the office running the scheme, which allows Baghdad to use a portion of its oil revenues to purchase humanitarian relief.

The value of "holds" dropped from the previous week's total of $5.32 billion to $5.27 billion by last Friday, the Office of the Iraq Programme reported, noting that the decrease stemmed from the release of "a large number [of contracts] for various types of vehicles, buses and mini-buses."

During the same period, Baghdad exported 14.2 million barrels of crude, generating an estimated €330 million (euros) or $285 million in revenue, the Office said. UN oil overseers also approved two new oil purchase contracts, bringing to 134 the total number approved since the current phase of the programme began on 1 December.