Citing
changes in crude oil market prices, the Iraqi State Oil Marketing Organization
(SOMO) has proposed to revise its earlier submitted and approved prices for
Kirkuk grade sold in the European and United States markets, as well as for
United States market destined Basrah Light grade during the month of February.
The revised prices were approved this morning by the Security
Council’s 661 sanctions Committee for Iraq, on the recommendation of the
United Nations oil overseers.
The earlier approved prices for Basrah Light sold in the European and
Far Eastern markets remain unchanged.
During
the week 27 January to 2 February, Iraqi oil exports under the United Nations
oil-for-food programme totaled 13.2 million barrels, earning an estimated
€317 million (euros) in revenue.
Of the eight loadings, six were at Mina al-Bakr and two at Ceyhan.
So
far, Iraq has exported 53.7 million barrels of oil for approximately €1.2
billion (euros) in estimated revenue in
current phase IX, which began on 6 December 2000.
The
oil overseers and the 661 Committee approved
10 new contracts for the purchase of Iraqi oil, comprising 15 million barrels
of Kirkuk crude destined for the United States and European markets and 13
million barrels of Basrah Light for the United States, European and Far
Eastern markets. Currently, over
238.1 million barrels of oil await to be lifted against 95 approved contracts
(141.4 million barrels of Basrah Light and 96.6
million barrels of Kirkuk).
Since
the beginning of the programme on 10 December 1996, Iraq has exported over
2,260 million barrels of oil, raising an estimated total revenue of over $38.6
billion and €1.2 billion (euros).
In
phases IV to VIII, the Committee has now approved over $10.7 billion worth of
contracts for humanitarian supplies. An
additional $3.1 billion worth of contracts have been processed by the Office
of the Iraq Programme (OIP) under “fast track” procedures, based on
pre-approved lists of supplies. The
Committee has also approved 2,363 contracts worth $1.28 billion for the
purchase of oil industry spare parts and equipment, while another 91
contracts, worth over $61 million have been "fast tracked" by OIP.
The
total value of contracts placed on hold by the 661 Committee increased once
again, standing at over $3.1, having decreased a full percentage point during
the previous week. It represents
16.5 per cent of the total value of all contracts circulated to the Committee.
Of this total, more than $2.6 billion worth were for humanitarian
supplies and $433 million worth for oil industry spare parts and equipment.
During
the week, 12 contracts worth $11 million were released from hold, while 26 new
contracts worth $44.8 million were placed on hold.
Those released from hold included such supplies as medical equipment, a
packing and weighing system used in the food-handling sector, turbine spare
parts and gas turbine parts.
The new “on hold” contracts are for ambulances, sprinkler
irrigation system, compressors, microwave digital link and laboratory
equipment.
