(AFP BAGHDAD) --Iraq has signed an agreement to sell 20
million barrels of oil to Indonesia for $500 million, said AFP quoting a newspaper reported on Tuesday.
An oil ministry official, quoted in the weekly Al-Rafidain,
said the deal was struck under the UN
oil-for-food program, which allows sanctions-hit
Iraq to export crude in six-monthly phases to
pay for essential supplies.
Indonesia's Trade and Industry Minister Luhut
Panjaitan said on July 5 that Baghdad aimed to
double the value of its annual trade deal with
Jakarta to $1 billion. Although a major exporter
of crude oil, Indonesia imports cheaper higher-sulfur
crude to feed its refineries.
© 2000 Mena Report (www.menareport.com )