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