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Iraq earns another $389 million in oil-for-food programme

7 November -- In the week leading up to 3 November, Iraq exported 14.8 million barrels of oil, earning $389 million under the "oil-for-food" programme which allows Baghdad to use a portion of the proceeds from its petroleum sales to pay for humanitarian goods, according to the latest statistics released today by the United Nations office overseeing the effort.

The UN Office of the Iraq Programme also reported today that over the past week, the Security Council committee monitoring the sanctions against Baghdad approved two new contracts for the sale of Iraqi oil. One went to an Italian company for the purchase of 5 million barrels of oil to be sold in the United States, and the other to a Ukrainian company for 2 million barrels destined for the European market.

The Committee also released holds on 22 humanitarian contracts valued at $37.4 million, but it placed new holds on 40 contracts worth $83.3 million. The UN Office of the Iraq Programme reported that almost half of the contracts on hold - which now have a total value of some $2.3 billion - cover transport and telecommunications. Contracts for water and sanitation, agriculture and food handling equipment also had high percentages for being placed on hold.

According to the Office, the Committee cited a lack of technical specifications and the potential for the goods to be used for purposes other than those stated as the reasons for placing the contracts on hold.