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UN compensation panel pays out $270M for Kuwait oil company

Two boys walk through a line of Iraqi tanks in Mishref, Kuwait City on February 26, 1993, the second anniversary of the Liberation of the Emirate by allied troops. A United Nations panel that oversees compensation claims stemming from Iraq’s 1990-1991 invasion of Kuwait says it has paid out $270 million to Kuwait’s national oil company. (Associated Press)
Associated Press

BERLIN – A United Nations panel that oversees compensation claims stemming from Iraq’s 1990-1991 invasion of Kuwait says it has paid out $270 million to Kuwait’s national oil company.

The Geneva-based U.N. Compensation Commission said Tuesday the tranche brings to $48.7 billion the amount it has paid out. Iraq must currently set aside 1.5% of proceeds from oil exports for the compensation fund and payments are made once per quarter.

The panel has approved 1.5 million claims brought by over 100 governments and international organizations, with all but one fully paid out.

The remaining claim, which includes the latest payment, comes from the Kuwait Petroleum Corporation. Some $3.7 billion of its $14.7 billion claim for oil production and sales losses resulting from damage to the country’s oil fields remains to be paid.