Iraq Gets OK to Buy Parts for Oil Industry

<i> Times Wire Services</i>

The Security Council agreed Friday to allow Iraq to spend $300 million of oil-for-food revenue to buy spare parts for its oil industry to meet increased export targets.

Iraq is allowed to sell $5.25 billion in oil over six months in order to buy food, medicine and other humanitarian supplies for its people to ease the impact of sanctions imposed after it invaded Kuwait in 1990.

But without spare parts for its oil industry, Iraq cannot meet its targets under the oil-for-food program.