Iraq to sell 20m barrels of crude to Indonesia

Iraq has signed an agreement with Indonesia to sell 20 million barrels of crude worth US$500 million to Indonesia under the UN-sponsored oil for food program, Al-Rafidain weekly reported on Tuesday.

An official at the oil ministry in Iraq was quoted by the weekly as saying that the amount of the oil to be sold to Indonesia had been approved by the UN.

In returns, Indonesia will export food and medicines to Iraq worth $500 million.

Earlier, Indonesian Minister of Industry and Trade Luhut B. Panjaitan said that the value of the barter deal with Iraq would likely be increased to $1 billion next year. (*)