Saudi-Iraqi oil-for-food trade exceeds $1 billion
Despite Saudi Arabia’s leading role in the coalition of countries that faced off against Iraq in the 1991 Gulf War, the volume of trade between the two, within the framework of the UN oil-for-food program, equals more than one billion dollars, reported the Rafideen magazine, Tuesday, March 20.
Quoting an official at the Iraqi trade ministry, the magazine stated that Iraq had concluded this month contracts with Saudi Arabia worth some $600 million, to be included in the sixth phase of the oil-for-food program. In the program’s earlier phases, Saudi companies won contracts worth $543 million.
The official said that Saudi Arabia is supplying Iraq with food products and spare parts for irrigation systems. He added that this trade boost is part of an Iraqi official policy, giving preference to commercial ties with Arab countries.
The UN oil-for-food program allows the export of Iraqi crude, via a UN account, in exchange for humanitarian supplies. — (Albawaba-MEBG)
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