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Oil Industry Iraq

December 6, 2000 | From Times Wire Reports
The Security Council approved a six-month extension of the U.N. humanitarian program for Iraq, aiming to get more aid to the country's neediest people and provide its ailing oil industry with up to $530 million in additional funding. Whether Iraq actually gets the money will depend on its willingness to cooperate with the U.N., which is required to monitor how funds are spent. The oil-for-food program allows the sale of oil only if proceeds go for humanitarian supplies or oil equipment.
June 5, 1997 | From Times Wire Reports
The Security Council voted unanimously to approve a six-month renewal of its "oil for food" deal with Iraq to ease the plight of civilians who have been under crippling sanctions for nearly seven years. The United States and Britain supported the measure despite their complaints that the U.N. is not monitoring the distribution of supplies carefully enough.
February 12, 1997 | From Associated Press
Skirting the shoals of Iran's Persian Gulf coast, tankers are smuggling tens of thousands of tons of fuel oil out of Iraq in violation of U.N. sanctions, a U.S. admiral said Tuesday. The embargo breakers and their Iranian protectors have had two confrontations with the Navy in the last two weeks, ramming a U.S. frigate in one showdown that wasn't publicized. "Our indications are that this is a rather sophisticated effort, centrally controlled within Iran," Vice Adm. Thomas B.
December 11, 1996 | From Times Wire Reports
President Saddam Hussein was showered with flowers after making a surprise appearance at a pumping station to open the pipeline carrying the first Iraqi oil exports since the 1991 Persian Gulf War. But 29,000 barrels later, Iraq was stopped from pumping oil to Turkey, having jumped the gun before the United Nations formally approved any contracts for delivery of oil, U.N. officials said. Under a closely monitored U.N.
December 2, 1997 | Associated Press
U.N. Secretary-General Kofi Annan on Monday asked the Security Council to consider increasing the amount of oil Iraq can sell to raise money for food and medicine, though he did not recommend a specific increase in oil exports. U.N. officials said they urged him to double the $2 billion worth of oil Iraq now can export every six months, but he backed off on figures at the request of the United States. Two-thirds of the oil revenue Iraq receives goes to buy humanitarian goods.
The Security Council, clearly annoyed by Iraqi President Saddam Hussein's continued foot-dragging in complying with U.N. resolutions, extended sanctions against Iraq on Wednesday for 60 more days. In doing so, the council, as expected, thoroughly rejected Iraq's contention that it has complied with all requirements of the cease-fire resolution that ended the Gulf War a year ago. Iraq painted itself as a model of cooperation, an image all but ridiculed by the council.
Wall Street's bounce back from its lows Friday encouraged some analysts, who say the market now appears more likely to avoid a one-day meltdown similar to the October, 1987, crash. Still, many experts believe that stocks are almost certainly headed lower before any significant rebound begins. Some key growth stocks managed to gain in late trading Friday, after heavy selling Thursday and early Friday. Compaq Computer, for example, finished up $1.375 to $54.
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