The compensation claims stem from Iraq’s 1990-1991 invasion of Kuwait
BERLIN (AP) — 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.
DAMPA MIDDLE EAST
A great way to celebrate this Eid,
GRAND OPENING 1st DAY EID !
So head over everyone!!! Friends & the rest of the family to enjoy the diverse selection of sumptuous FILIPINO & seafood dishes.
Enjoy 25% discount in all menu..
Kuwait city, Panasoic tower, Mezzanine floor, beside KFC.