Iraq earns another $348 million in UN's oil-for-food programme
14 August -- Iraq exported some $348 million worth of oil last week, according to the latest figures released today by the United Nations Office of the Iraq Programme, which administers the UN humanitarian "oil-for-food" scheme.
Since the current phase of the oil-for-food programme began on 9 June, Iraq has earned an estimated $2.9 billion by exporting 121 million barrels of oil at market value.
Meanwhile, the Security Council Committee monitoring the sanctions against Iraq, known as the "661 committee," last week approved three more contracts for the sale of Iraqi oil. That brings the total number of approved contracts to 95 with a volume of over 375 million barrels, according to the Office of the Iraq Programme.
Under the Security Council resolution establishing the oil-for-food programme, 66 per cent of earnings goes to fund the country's humanitarian needs and 30 per cent is directed to the Compensation Commission which pays claims arising from Iraq's 1990 invasion of Kuwait. The remainder goes to pay the costs of the UN Monitoring, Verification and Inspection Commission, and UN operational costs.
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