VOL. XL

No. 9

3-March-1997

IRAQ

SOMO Inching Towards $1Bn Target

The UN Sanctions Committee moved quickly during the past fortnight to approve additional Iraqi oil sales contracts, whether term or spot, in order to enable Baghdad to reach the $1bn per 90 days value ceiling stipulated in Security Council resolution 986. At MEES presstime on Friday afternoon, the following spot contracts had been approved: Hungary's MOL, France's Total and Italy's Agip, 1mn barrels each; US Chevron Corp., 200,000...