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To: Post_Patrol who wrote (57146)	12/18/1999 2:09:00 PM
From: Razorbak	Respond to of 95453

Iraqi Oil Export Cap Lifted, but Proceeds Escrowed Post_Patrol: They can ship all they want now, but the proceeds are still monitored. Thanks for the contribution. Yes, you are correct. Not only are the proceeds from Iraq's oil sales still monitored, but the proceeds are deposited into an escrow fund. "Key Points of U.N. Council's New Resolution on Iraq" December 17, 1999 Web posted at: 12:45 p.m. EST (1745 GMT) UNITED NATIONS (Reuters) -- The U.N. Security Council's new landmark resolution on Iraq would restart arms inspections in Iraq and suspend trade sanctions if Baghdad complies with disarmament demands. The sanctions were imposed when Iraq invaded Kuwait in August 1990. The scrapping of Iraq's weapons of mass destruction are a key requirement for easing the sanctions. Arms inspectors have not been in Iraq since a bombing campaign by the United States and Britain a year ago. Following are the main points of the resolution... <snip!> OIL EXPORTS Immediately after the resolution is adopted, the cap is lifted on how much oil Iraq can sell, now set at $5.26 billion every six months under an "oil-for-food" program. But all other controls, including depositing Iraq's oil revenues into an escrow fund, would stay in place. The council promises to consider additional Iraqi oil export routes in addition to those now used: the Gulf port of Mina al-Bakr and a pipeline to the Turkish port of Ceyhan. Parts and equipment to upgrade Iraq's oil industry will also be expedited through pre-approved lists by a group of experts. A panel first must survey Iraq's oil industry and recommend improvements. The current limit of $300 million every six months can be lifted. Annan is to recommend options for allowing oil companies to invest in Iraq. But the council will not make a decision on his proposals until sanctions are suspended. cnn.com Razor