The United Nations pays $600 million to a Kuwaiti oil company in compensation for the invasion of Iraq
2021.07.27 - 17:10
Baghdad - people
A United Nations committee paid $600 million to the Kuwait National Oil Company, today, Tuesday, in compensation for Iraq's invasion and occupation of Kuwait three decades ago.
The United Nations Compensation Commission said it has paid governments and international organizations so far $51.3 billion since the approval of 1.5 million claims related to Iraq's invasion of Kuwait.
KPC succeeded in claiming $14.7 billion in oil production and sales losses resulting from damage to the country's oil fields during the 1990-1991 invasion and occupation that led to the US-led "Gulf War".
The company is the only remaining claimant, and expects to receive another $1.1 billion.
Under the UN Security Council resolution issued in 1991, Iraq allocated a percentage of its oil export revenues to the Compensation Fund, and the committee indicated that this share is currently set at 3%.
At the current payment rate, the last installment is expected to be paid within a year.