Kuwait asks UN for time

GENEVA, Oct 3, (KUNA): Kuwait on Tuesday requested a grace period from the United Nations Compensation Commission tasked with Iraq’s dues, after its occupation of Kuwait, to evaluate payment options for a remaining US$ 4.6 billion.

Baghdad, in August, asked Kuwait to consider receiving the amount through four options, the UNCC head and Kuwaiti representative Khaled Al-Mudhaf told the commission’s 83rd session.

These include the sale of natural gas at an “agreed price” between the two countries, negotiating the decrease of Iraqi oil and derivative imports, lessening the dues according to the Paris Club sustainable solutions or transforming the amount to a bilateral debt.

Kuwait is committed to reaching an agreement with the Iraqi government, while taking into account an agreed extension of a deadline for the handover until 2018, added Al-Mudhaf.

The Kuwait Petroleum Corporation (KPC) Board of Directors has endorsed the decision to appoint Fouad Essa Al-Abbassi as Board Chairman of Kuwait Gulf Oil Company (KGOC) replacing Mohammad Abdulwahab who resigned for personal reasons, reports Al-Rai daily quoting sources.

Sources revealed Al-Abbassi is one of the senior officials in KGOC and he has vast experience in dealing with the Saudi side of the company, which works in the joint operations area (AlKhafji). He also served as Board Chairman of Kuwait Aviation Fuelling Company (KAFCO).