By Andy Sambidge
United Nations Compensation Commission says a further $6.9bn remains to be paid to Gulf state
The United Nations Compensation Commission has paid out $990m to the Government of Kuwait resulting from Iraq's 1990 invasion of the Gulf state.
The commission said the latest payment goes toward settling a claim by the Kuwait Petroleum Corporation for production and sales losses resulting from damage to the country's oil fields during the invasion.
The commission added in a statement that another $6.9bn remains to be paid from that award, which at $14.7bn was the largest the panel made.
The Geneva-based commission was established by the UN Security Council in 1991 and is funded by a 5 percent tax on the export of Iraqi oil. It makes payments every three months.
The Commission received approximately 2.7 million claims and concluded its review of all claims in 2005. Approximately $52.4bn was awarded to over 100 governments and international organisations.