Office of the Iraq Programme Oil for Food

Weekly update 22-28 May

On 21 May 1999, the United Nations Security Council adopted resolution 1242 (1999), extending the oil for food programme for a further 180 days, starting on 25 May 1999. The Government of Iraq is expected to submit shortly a distribution plan for the approval of the Secretary-General.

In the week of 22 May to 28 May 1999, Iraq exported 17.1 million barrels of oil with an estimated value of $ 228 million.

During phase V, the six months period ending on 24 May 1999, Iraq exported an estimated 360.8 million barrels of oil, generating total revenues of $3.933 billion (final figures will be available at the end of June). The average price per barrel was $10.90. 44.6 per cent of the Iraqi crude oil went to the United States, 42.5 per cent went to Europe and 12.9 per cent went to the Far East. About 42 per cent of all liftings have been made at Ceyhan in Turkey. The Government of Iraq has started signing contracts under phase VI, 14 of which have been approved so far, but no loadings have yet been completed.

In the last week, the 661 Committee approved an additional 12 contracts for the supply of oil industry spare parts and equipment worth $3.9 million. This brings the total number of oil sector contracts approved so far to 504, with a total value of $270,360,391. At present, there are 158 oil spares contracts on hold worth $63,843,758. These include 13 contracts worth $3,600,613 which were put on hold last week.

In the humanitarian programme for phase V, the 661 Committee approved 16 contracts in the past week and put another 8 on hold. This brings the total of approved contracts for phase V to 602 worth $1.215 billion and the total on hold to 96 worth $106.9 million.

Humanitarian supplies continue to arrive in Iraq: arrivals in the past week included 12,088 tonnes of wheat, 1,041 tonnes of sugar and 700 tonnes of detergents.

Oil-for-Food Background Information		Weekly update 22-28 May On 21 May 1999, the United Nations Security Council adopted resolution 1242 (1999), extending the oil for food programme for a further 180 days, starting on 25 May 1999. The Government of Iraq is expected to submit shortly a distribution plan for the approval of the Secretary-General. In the week of 22 May to 28 May 1999, Iraq exported 17.1 million barrels of oil with an estimated value of $ 228 million. During phase V, the six months period ending on 24 May 1999, Iraq exported an estimated 360.8 million barrels of oil, generating total revenues of $3.933 billion (final figures will be available at the end of June). The average price per barrel was $10.90. 44.6 per cent of the Iraqi crude oil went to the United States, 42.5 per cent went to Europe and 12.9 per cent went to the Far East. About 42 per cent of all liftings have been made at Ceyhan in Turkey. The Government of Iraq has started signing contracts under phase VI, 14 of which have been approved so far, but no loadings have yet been completed. In the last week, the 661 Committee approved an additional 12 contracts for the supply of oil industry spare parts and equipment worth $3.9 million. This brings the total number of oil sector contracts approved so far to 504, with a total value of $270,360,391. At present, there are 158 oil spares contracts on hold worth $63,843,758. These include 13 contracts worth $3,600,613 which were put on hold last week. In the humanitarian programme for phase V, the 661 Committee approved 16 contracts in the past week and put another 8 on hold. This brings the total of approved contracts for phase V to 602 worth $1.215 billion and the total on hold to 96 worth $106.9 million. Humanitarian supplies continue to arrive in Iraq: arrivals in the past week included 12,088 tonnes of wheat, 1,041 tonnes of sugar and 700 tonnes of detergents.
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