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Sunday , September 22 2019

Iraq to pay compensation of $240 million to Kuwait: UNCC

KUWAIT CITY, April 24: The United Nations Compensation Commission (UNCC) has announced the payment of a new batch of Iraqi compensations worth $240 million to Kuwait, precisely to Kuwait Petroleum Corporation (KPC), reports Al- Rai daily.

According to a report issued by the Associated Press, UNCC explained that the remaining claim is the compensation owed to KPC. Iraq should pay nearly $4.1 billion from its total claims of $14.7 billion.

Iraq currently has to allocate 1.5 percent of its oil sale revenues for the compensations fund instead of 0.5 percent that was decided in 2018. Meanwhile, Kuwait Petroleum Corporation (KPC) has obtained approval from the Cabinet to borrow from financial institutions to finance its investment programs in the next five years, reports Al-Anba daily.

Speaking to the daily, a reliable source from the oil sector revealed that KPC needs to borrow KD16 billion and it has four options in this regard – borrow from local banks in Kuwaiti dinars, borrow from global commercial banks in US dollars, issuance of bonds and borrow from export credit agencies.

The source said KPC is currently taking steps to obtain credit classification international classification agencies as it is a requirement for releasing bonds

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