Canadian Imperial Venture Corporation announced it has received approval from the United Nations Security Council for the Iraqi Oil for Food program. Iraq exports crude under this program as an exemption to United Nations sanctions imposed on Iraq. This approval also gives Imperial Venture authorization to communicate with the United Nations Oil Overseers in respect of the Iraqi oil sales under Security Council Resolution 986 (1995).
The Company met recently with Iraqi officials in Baghdad and is planning to market its first load of Iraqi oil mid June 2002 under Phase 12 of the Oil for Food program. The current Phase 11 of the program concludes at the end of May 2002 and terms of Phase 12 will be voted on this week by the United Nations Security Council.
The United Nations program supervises oil exports valued at approximately two billion dollars over a 90-day period on a recurring basis. The Iraqi Cabinet announced yesterday that it will resume oil exports on May 8, 2002 ending its 30-day oil embargo. Canadian Imperial Venture Corp. is an independent Newfoundland-based energy company. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
