Volume 1 - Iraq Watch

Figure 21. Iraq’s estimated earnings from OFF importkickbacks (million US $).Ministry of Oil (MoO) Ministry of Housing Ministry of EducationMinistry of Water & SanitationThe Electricity BoardMinistry of TelecommunicationsMinistry of Health Ministry of Trade Ministry of AgricultureRegime Financeand ProcurementFigure 22. Iraqi ministries involved in OFF kickbacks.Figure 23. Iraq’s estimated earnings from private-sectoroil sales (million US $).Bank Currency AmountAhli Bank-Jordan US$ $287,120,131.61Rafidian “Filfel” (Mosul) US$ $146,648,012.00Jordan Bank-Jordan Euros converted to US$ $47,026,041.80Ahli Bank-Jordan US$ $42,035,812.95Iraqi Embassies US$ $930,000.00Fransa Bank-Lebanon US$ $48,000.00Total US$ $523,807,998.36Figure 24. Total amounts received in Iraqi bankaccounts under private sector “cash sales”. aa This SOMO information is different by less than $1 million fromthe SOMO data base information cited above. The reason for thediscrepancy is unknown.amounts for each oil transaction will take some time.Iraqi oil shipments passed through many partiesbefore being delivered to end recipients, the large oilrefineries and companies outside Iraq. The partiesor oil agents that first bought the oil only to turnaround and resell it for profits could have beenanyone from small-inexperienced oil dealers andcompanies, or even businessmen and companiesbeing bribed or rewarded for various reasons by theIraqi government.• According to SOMO records and senior MoOofficials, oil surcharges were deposited into Iraq’sbank accounts. Only designated, trusted Oil Ministryemployees withdrew the cash and brought it toBaghdad on a regular basis.• An estimated $2 billion is believed to be left fromthe illicit funds deposited in foreign Iraqi bankaccounts.• As of February 2004, over $750 million had beenrecovered from these accounts and returned to Iraq,according to the US Treasury Department.Saddam directed SOMO to set up accounts at theNational Bank of Jordan, also known as the Ahli39