UN Panel Compensates Kuwait Oil Company $600M for Iraq Invasion

The United Nations Compensation Commission has paid the Kuwait Petroleum Corporation $600 million as compensation for the Iraqi occupation of Kuwait in 1990, on Tuesday.

The UN panel has granted to the company $14.7 billion for oil production and loss of sales during the Iraqi invasion, which damaged the country’s oil fields.

The state-owned oil corporation is the only remaining claimant to the damages, as it is expected to claim another $1.1 billion.

The final portion of the payment is expected to be claimed within a year.

Iraq has been contributing to the compensation fund from its oil exports under a 1991 UN Security Council resolution.

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