DATE=10/4/1999
TYPE=CORRESPONDENT REPORT
TITLE=U-N - IRAQ OIL (L - ONLY)
NUMBER=2-254643
BYLINE=MAX RUSTON
DATELINE=UNITED NATIONS
CONTENT=
VOICED AT:
INTRO: The U-N Security Council has decided to allow
Iraq to sell an additional three-billion-dollars worth
of oil. U-N correspondent Max Ruston reports the
Security Council is easing its ceiling on Iraqi oil
exports for the current six-month period.
TEXT: The Council action increases the value of oil
Iraq is permitted to sell from five-point-two billion
dollars to eight-point-three billion dollars.
During the previous two six-month phases, Iraq's oil
revenues fell short of the ceiling approved by the
Security Council. The additional three-billion
dollars is equal to that shortfall.
Higher world oil prices have increased the value of
Iraq's oil exports during the current phase, which
began in May and ends in late November.
A resolution authorizing the additional three-billion
dollars in exports was approved unanimously by the U-N
Security Council. The results of the vote were
announced, through an interpreter, by council
president Sergei Lavrov of Russia.
/// LAVROV INTERPRETER ACT ///
The results of the voting is as follows. The draft
resolution received 15-votes in favor. The draft
resolution has been adopted unanimously as resolution
1266, 1999.
/// END ACT ///
Iraq has faced restrictions on its oil exports as part
of the U-N sanctions imposed after the Gulf War. The
Security Council later approved the oil-for-food
program as an exception to the sanctions in order to
fund humanitarian assistance.
The United Nations tightly controls proceeds from
Iraq's oil sales. Iraq must receive U-N approval for
purchases using the funds. Those purchases are
usually limited to food, medical supplies, and other
aid, in addition to small amounts of equipment to
maintain oil production facilities.
Diplomats describe the Security Council resolution
approved as brief and technical. They say it reflects
the limited areas of agreement among Council members
on Iraq issues.
Council members are sharply divided over whether to
lift sanctions against Iraq. France, China, and
Russia says they should be lifted soon. The United
States and Britain say they should remain in place
until Iraq provides a full accounting of its programs
for weapons of mass destruction, as required by
Security Council resolutions. (SIGNED)
NEB/MPR/LSF/RAE
04-Oct-1999 14:11 PM LOC (04-Oct-1999 1811 UTC)
NNNN
Source: Voice of America
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