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UN panel pays $600 mn compensation to Kuwait oil firm

Business Kuwait City 28 Jul 21
UN panel pays $600 mn compensation to Kuwait oil firm
A United Nations panel paid out 600 million USD to Kuwait's national oil company as compensation for Iraq's invasion.
Event Location
Kuwait, Kuwait
Kuwait City
Start Time
28 July 2021, 12:00 AM
End Time
31 August 2021, 12:00 AM

Kuwait has so far been paid out USD 51.3 billion since approving some 1.5 million claims related to the invasion by governments and international organisations in 2005, according to The U.N. Compensation Commission statement.

The Kuwait Petroleum Corporation is the sole remaining claimant and can expect to receive a further USD 1.1 billion.

The corporation already claimed USD 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.

Under a 1991 U.N. 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.

The final tranche can be expected to be paid within a year at the current rate of payment.

Kuwait business news 2021Kuwait UN panel compensation

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