UN panel pays USD 240M to Kuwait oil firm for Iraq war losses

A UN panel overseeing compensation claims by countries and organisations affected by Iraq's 1990-1991 invasion of Kuwait says it has paid USD 240 million to the Gulf state's national oil company.

The United Nations Compensation Commission said Tuesday that the latest tranche brings to USD 48.3 billion the amount it has paid out since 2005.

Iraq must currently set aside 1.5 per cent of its oil export sales for the compensation fund.

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

The remaining claim, which includes the latest payment, comes from the Kuwait Petroleum Corporation.

Some USD 4.1 billion of its USD 14.7 billion claim for oil production and sales losses resulting from damage to the country's oil fields remain to be paid.