Iraq has earned close to $40 billion since the start of the United Nations oil-for-food program in December 1996, said a report by the UN office overseeing the humanitarian effort.
The Office of the Iraq Program said that the total Iraqi oil exports now stood at 2,307 million barrels, having earned some $38.6 billion in estimated revenue, according to the report, quoted by the UN online news service.
“During the first week of March, the Government of Iraq exported an average of 1.5 million barrels of oil per day, totaling 10.2 million barrels. The price of Iraqi crude during the period was approximately $21.42 per barrel,” said the report.
Meanwhile, the UN oil overseers and the Security Council sanctions panel, known as the 661 Committee, approved five new oil purchase contracts last week for 6 million barrels of Kirkuk crude and 4 million barrels of Basrah Light, bringing the total of approved contracts to 121 for the lifting of over 343 million barrels of oil, said the UN.
The recently released contracts included water well units, water tankers, welding sets, a cement factory plant and five contracts for aluminum hydroxide, which is a raw material used in the production of aluminum sulfate, an important substance in the water purification process.
The UN said that contracts newly placed on hold included computers, cranes, fire fighting vehicles, water tankers, turbine and compressor blades and a sprinkler irrigation system – Albawaba.com
