28 September -- Agreement among the five permanent members of the Security Council has paved the way for a United Nations body disbursing compensation for Iraq's 1990 invasion of Kuwait to award some $15.9 billion to the Kuwait Petroleum Corporation.
Composed of the same members as the Security Council, the Governing Council of the UN Compensation Commission reached its decision following extensive discussions which began at its June session. UN spokesman Fred Eckhard told reporters that representatives of the five permanent members of the Security Council broke the deadlock yesterday by settling the claim while agreeing to reduce the percentage of funds received by the Commission from the sale of Iraqi oil.
Presently, the Commission receives 30 per cent of the revenue generated from the export of Iraqi petroleum and petroleum products. The new arrangement would set aside 25 per cent of that money for compensation, freeing up the 5 per cent difference for the humanitarian programme. The change will take effect when the next phase of the oil-for-food programme begins in early December, Mr. Eckhard said.
Today's award to the Kuwait Petroleum Corporation was one of a series of claims resolved during the Geneva-based Council's three-day session, which disbursed a total of $16.2 billion to various claimants, including $21,967,260 to the Arabian oil company of Japan.
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