Shipments of wheat from Australia to Iraq are not expected to be hit by the Iraqi decision to stop oil exports, said the monopoly bulk wheat exporter AWB today [Wednesday].
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At the beginning of this week, Iraq announced a one-month halt to oil exports or until Israel withdrew from Palestinian territories. The move will depress by US$1.3bn revenues for the oil-for-food programme, the UN Office of the Iraq Programme said yesterday, as the programme is funded by Iraqi oil revenues.
Speaking on behalf of AWB, Peter McBride said AWB holds letters of credit covering six months of wheat shipments to Iraq, although a full-scale war in the Middle East would inevitably disrupt shipments.
McBride commented that in past conflicts in the Middle East, port zones have generally been able to carry on business unaffected, on humanitarian grounds.
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