No 31



UN SanctionsCommittee Rejects Iraqi Prices To US In Attempt To Eliminate Surcharges

The UN sanctions committee on 20 July rejected theprice formulas to the US proposed by Iraq for the period 21-31 July as beingbelow market prices and asked the State Oil Marketing Organization (SOMO) tocome back with a new proposal. The new formulas, which were approved last week(for details see page A11),raised the price of Kirkuk to the US by 25 cents/B and Basrah Light to the...