UN Sec General satisfied with Iraq’s cooperation regarding Kuwaiti compensation and oil metering

Posted: December 19, 2013 in Iraqi Dinar/Politics
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Ban satisfied with Iraq’s cooperation with Compensation Commission
20/12/2013 | 01:11 AM | Kuwait News

NEW YORK, Dec 19 (KUNA) — UN Secretary-General Ban Ki-moon on Thursday expressed his satisfaction that Iraq continues to deposit five percent of its oil revenues to the Compensation Fund, in accordance with relevant UN Security Council resolutions, to pay the victims of the 1990 Iraqi invasion of Kuwait.

“I would like to express my ongoing appreciation to the Government of Iraq and the Iraq Committee of Financial Experts (COFE) for their continued cooperation with the Compensation Commission,” Ban told the Council in his six-month report.

“I am satisfied that the Government of Iraq remains committed to complying with its obligations” under those resolutions, he added.

Iraq is required to deposit five percent of the proceeds from export sales of petroleum, petroleum products, and natural gas to the Fund.

The Council decided in resolution 687 of 1991 to create a Fund to pay compensation for claims by governments, corporations or individuals who incurred direct losses, damage or injuries, as a result of the 1990 Iraqi invasion of Kuwait, and to establish a Commission to administer the Fund.

Ban said the average monthly income to the Compensation Fund for the year to date is approximately 366.6 million, with quarterly payments of compensation awards continuing to average in excess of one billion dollars.

He noted that since his last report to the Council last June, the Compensation Commission has made two payments to Kuwait totaling some 2.3 billion, the first in July and the second in October.

He said the total amount of compensation paid to date by the Commission is USD 43.5 billion, leaving about 8.9 billion outstanding to the last remaining claim to Kuwait.

“Based on current levels of income to the Fund and recent projections, the Commission remains on track to pay the outstanding balance in 2015,” as scheduled, Ban said with satisfaction.

He also expressed satisfaction, based on financial statements for the Development Fund for Iraq and the successor account issued by the auditors Ernst Young, that Iraq has in place now a comprehensive oil metering system for its oil exports that is in accordance with standard oil industry practices.

“I would like to take the opportunity to congratulate Iraq on this important achievement,” he said after appealing to Baghdad for years to install the oil metering system.

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