SECURITY COUNCIL INCREASES CEILING ON IRAQUI OIL EXPORTS UNDER "OIL-FOR-FOOD" PROGRAMME

Press Release
SC/6738

SECURITY COUNCIL INCREASES CEILING ON IRAQUI OIL EXPORTS UNDER ‘OIL-FOR-FOOD’ PROGRAMME

Resolution 1266 (1999) Adopted Unanimously

Acting under Chapter VII of the Charter, the Security Council this afternoon, determined to improve the humanitarian situation in Iraq, decided to increase the ceiling on the value of oil that Iraq is allowed to export under the programme of humanitarian assistance to Iraq, known as "oil for food". That programme allows Iraq to sell oil to purchase humanitarian goods for the Iraqi people.

The Council took this action by unanimously adopting resolution 1266 (1999).

The amount of the increase, $3.04 billion, is for the current 180-day phase of the programme, which began on 25 May, and is based on the shortfall of revenues authorized but not generated in earlier phases of the programme, under resolutions 1210 (1998) and 1153 (1998). Prior to today’s increase, Iraq was authorized to export oil up to a value of $5.26 billion within a 180-period.

The meeting, which began at 12:33 p.m., was adjourned at 12:35 p.m.

Resolution

The full text of resolution 1266 (1999) reads as follows:

“The Security Council,

“Recalling its previous relevant resolutions and in particular its resolutions 986 (1995) of 14 April 1995, 1111 (1997) of 4 June 1997, 1129 (1997) of 12 September 1997, 1143 (1997) of 4 December 1997, 1153 (1998) of 20 February 1998, 1175 (1998) of 19 June 1998, 1210 (1998) of 24 November 1998 and 1242 (1999) of 21 May 1999,

“Recalling also the report of the Secretary-General of 19 August 1999 (S/1999/896), in particular paragraphs 4 and 94,

“Determined to improve the humanitarian situation in Iraq,

Security Council - 2 - Press Release SC/6738 4050th Meeting (PM) 4 October 1999

“Reaffirming the commitment of all Member States to the sovereignty and territorial integrity of Iraq,

“Acting under Chapter VII of the Charter of the United Nations,

“1. Decides that paragraph 2 of resolution 1153 (1998), as extended by resolution 1242 (1999), shall be modified to the extent necessary to authorize States to permit the import of petroleum and petroleum products originating in Iraq, including financial and other essential transactions directly related thereto, sufficient to produce an additional sum, beyond that provided by resolution 1242 (1999), equivalent to the total shortfall of revenues authorized but not generated under resolutions 1210 (1998) and 1153 (1998), 3.04 billion United States dollars, within the period of 180 days from 0001 hours, eastern standard time, on 25 May 1999;

“2. Decides to remain seized of the matter.”

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