The United Nations said it had accepted a proposal from Iraq to pay 0.5 percent of its oil revenues in 2018 to Kuwait to compensate $ 4.6 billion for the destruction of its oil facilities in the Gulf War.
The UN Compensation Commission said in a statement that “the rate of payments from the Iraqi Fund for compensation to Kuwait will increase annually until 2021.”
“Based on forecasts of oil prices and the volume of their exports (from Iraq), this will lead to full payment of due compensation,” the committee said, referring to KPC’s claim, the largest amount approved by the Geneva-based Compensation Commission.
Payments from the fund were suspended in October 2014 due to security challenges and budgetary difficulties faced by Iraq.
It should be noted that this development comes in conjunction with the visit of Iraqi President Fuad Masum to Kuwait, where he met with the Emir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah.