UN pays $365 million in Gulf War compensation round
The United Nations has approved payments of $365 million (€400 million) to victims of the 1990 invasion by Iraq of Kuwait, the organization said on Friday, September 28. Turkish group Botas Petroleum Pipeline Corporation has been allocated $176 million of the $177 million to be paid out by the UN Compensation Commission (UNCC) to oil companies who sustained damage and losses as a result of Iraq's invasion of Kuwait.
Another $174 million has been earmarked to compensate 239 Kuwaiti companies outside the oil industry. The UNCC has received 2.6 million compensation claims equivalent to $300 billion in relation to the Gulf War and has so far made compensation payments totaling $35.8 billion.
Thirty percent of the commission's revenue comes from Iraqi oil exports as part of the "oil for food" program. ― (AFP, Geneva)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)