No. 42

16 OCTOBER 2000


Iraq Says Oil Payments Must Be Made In Euro As Of 1 November

Iraqs State Oil Marketing Organization (SOMO) informed the UN Secretary-General last week that as of 1 November invoices for its crude oil sales will be denominated in euros and that payments will be made into the Iraqi Escrow Account with BNP in New York in euros. Consultations are taking place in New York and with international oil firms to determine how to implement this method of payment. MEES...