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The lack of a comprehensive and stand-alone metering system at Iraq’s oil production chain has been a longstanding problem, allowing crude and refined products smuggling operations to sustain political militias during the past years.
French oil giant Total said Tuesday it has been charged with corruption and influence-peddling relating to the United Nations' Iraqi oil-for-food programme of the 1990s.
French judicial investigators have revived their eight-year inquiry into corruption linked to the United Nations oil-for-food programme in Iraq by placing Total under formal investigation for bribery in the affair.
As of the end of 2008, the fund had received nearly $180 billion - and now the Iraqi Government has a “realistic” plan to take full ownership by the end of this year of the fund a top United Nations budget official told the Security Council today.
The UN on Tuesday expressed satisfaction that the Iraqi Government is willing to continue to pay five percent of its oil revenues into the Compensation Fund whether under the present mechanism or a successor mechanism to the Development for Iraq (DFI) whose mandate expires in December of this year.
Iraq has said it owes $25.5 billion in reparations, with $24 billion due to Kuwait alone. Iraq is seeking to reduce the amount of annual oil revenue it sets aside for war reparations, primarily to Kuwait, by 80 percent.
