India, Iraq resolve issue

NEW DELHI, DEC. 13. India and Iraq today managed to resolve a controversy over payment for crude imports which caused a two- week suspension in loading of shipments. Official sources say the confusion stemmed from the fact that Phase 8 of the oil-for-food programme ended on November 30 while the the next phase was approved by the U.N. on December 5.

The loadings were suspended after the Iraqi authorities sought a 40 cent per barrel surcharge on crude supplies for which the Indian Oil Corporation (IOC) was not prepared. Sources say the additional levy maybe on crude supplied under Phase 9 of the oil- for-food programme though the U.N. resolution on this issue is not yet available here.

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