U.N. Awards $176M to Botas Petroleum
GENEVA (AP) _ A United Nations panel has awarded Turkish company Botas Petroleum Pipeline $176 million in compensation from Iraq for losses incurred during the Persian Gulf War.
The company had claimed more than $1 billion from the U.N. Compensation Commission, which is charged with making payments to victims of Iraq’s 1990 invasion of Kuwait, said Mojtaba Kazazi, chief of the commission secretariat.
In three days of meetings that ended Thursday, the commission approved payments totaling $365.3 million in compensation, including $174 million for 239 Kuwaiti companies.
The awards are funded through the U.N. oil-for-food program. The compensation fund currently receives 25 percent of the revenue Iraq earns through the sale of oil. Iraq is allowed to use the rest for humanitarian goods for Iraqis suffering under sanctions.
The commission is made up of representatives of the 15 Security Council members. To date, it has approved $35.8 billion in compensation, and has made payments totaling $12.7 billion. All the money in the fund is paid out at regular intervals.