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

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BERLIN (AP) — A United Nations panel paid out $600 million to Kuwait’s nationwide oil firm Tuesday as compensation for Iraq’s invasion and occupation of Kuwait three many years in the past.

The U.N. Compensation Fee stated it has up to now paid out $51.3 billion since approving some 1.5 million claims associated to the invasion by governments and worldwide organizations in 2005.

The Kuwait Petroleum Company efficiently claimed $14.7 billion for oil manufacturing and gross sales losses ensuing from harm to the nation’s oil fields throughout the 1990-91 Iraqi invasion and occupation that resulted within the U.S.-led Gulf Warfare.

The company is the only remaining claimant and might count on to obtain an additional $1.1 billion.

Beneath a 1991 U.N. Safety Council decision, Iraq put aside a share of proceeds from its oil exports for the compensation fund. That share is at present set at 3%, the panel stated.

On the present charge of cost, the ultimate tranche is anticipated to be paid inside a 12 months.

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