UN panel pays $600M to Kuwait oil firm for invasion by Iraq

UN panel pays $600M to Kuwait oil firm for invasion by Iraq
1 min read
The UN Compensation Commission said it has so far paid out $51.3 billion since approving some 1.5 million claims related to the invasion by governments and international organisations in 2005.
Iraq has set aside a percentage of proceeds from its oil exports for a Kuwait compensation fund over its invasion three decades ago [Getty]

A United Nations panel paid out $600 million to Kuwait's national oil company on Tuesday as compensation for Iraq's invasion and occupation of Kuwait three decades ago.

The UN Compensation Commission said it has so far paid out $51.3 billion since approving some 1.5 million claims related to the invasion by governments and international organisations in 2005.

The Kuwait Petroleum Corporation successfully claimed $14.7 billion for oil production and sales losses resulting from damage to the country’s oil fields during the 1990-91 Iraqi invasion and occupation that resulted in the US-led Gulf War.

MENA
Live Story

The corporation is the sole remaining claimant and can expect to receive a further $1.1 billion.

Under a 1991 UN Security Council resolution, Iraq set aside a percentage of proceeds from its oil exports for the compensation fund. That share is currently set at 3%, the panel said.

At the current rate of payment, the final tranche is expected to be paid within a year.