The International Maritime Organization (IMO) has notified the Director of the IOPC Funds, Gaute Sivertsen, that the Republic of Iraq deposited its instrument of accession to the 1992 Fund Convention on 5 August 2024, reports Safety4sea.
The Convention will therefore enter into force for Iraq on 5 August 2025, bringing the total number of 1992 Fund Member States to 122 as of that date. Iraq has been Party to the 1992 Civil Liability Convention since 2022, and with this latest accession will have access to the wider international liability and compensation regime.
Director Sivertsen welcomed Iraq as the newest Member State, emphasising the importance of ratifying the 1992 Fund Convention and the significant increase in compensation available to individuals and entities in the event of a major oil pollution incident affecting the Member State.
As explained, Iraq has a small coastline but could be at risk of an oil spill from passing tanker traffic due to its proximity to the Persian Gulf and the Gulf’s significant role in the region’s oil trade.
What is the 1992 Fund Convention?
The 1992 Fund Convention, formally known as the International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage, 1992, is an international agreement aimed at providing compensation for oil pollution damage resulting from spills of persistent oil from tankers.
The Convention is a crucial part of the international legal framework for responding to and compensating oil pollution damage from tanker incidents, ensuring that victims receive appropriate compensation and that the costs of pollution are adequately shared.
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Source: Safety4sea
