News

DATE=10/4/1999 TYPE=CORRESPONDENT REPORT TITLE=U-N - IRAQ OIL (L - ONLY) NUMBER=2-254643 BYLINE=MAX RUSTON DATELINE=UNITED NATIONS CONTENT= VOICED AT: INTRO: The U-N Security Council has decided to allow Iraq to sell an additional three-billion-dollars worth of oil. U-N correspondent Max Ruston reports the Security Council is easing its ceiling on Iraqi oil exports for the current six-month period. TEXT: The Council action increases the value of oil Iraq is permitted to sell from five-point-two billion dollars to eight-point-three billion dollars. During the previous two six-month phases, Iraq's oil revenues fell short of the ceiling approved by the Security Council. The additional three-billion dollars is equal to that shortfall. Higher world oil prices have increased the value of Iraq's oil exports during the current phase, which began in May and ends in late November. A resolution authorizing the additional three-billion dollars in exports was approved unanimously by the U-N Security Council. The results of the vote were announced, through an interpreter, by council president Sergei Lavrov of Russia. /// LAVROV INTERPRETER ACT /// The results of the voting is as follows. The draft resolution received 15-votes in favor. The draft resolution has been adopted unanimously as resolution 1266, 1999. /// END ACT /// Iraq has faced restrictions on its oil exports as part of the U-N sanctions imposed after the Gulf War. The Security Council later approved the oil-for-food program as an exception to the sanctions in order to fund humanitarian assistance. The United Nations tightly controls proceeds from Iraq's oil sales. Iraq must receive U-N approval for purchases using the funds. Those purchases are usually limited to food, medical supplies, and other aid, in addition to small amounts of equipment to maintain oil production facilities. Diplomats describe the Security Council resolution approved as brief and technical. They say it reflects the limited areas of agreement among Council members on Iraq issues. Council members are sharply divided over whether to lift sanctions against Iraq. France, China, and Russia says they should be lifted soon. The United States and Britain say they should remain in place until Iraq provides a full accounting of its programs for weapons of mass destruction, as required by Security Council resolutions. (SIGNED) NEB/MPR/LSF/RAE 04-Oct-1999 14:11 PM LOC (04-Oct-1999 1811 UTC) NNNN Source: Voice of America .