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Tory MP Nadhim Zahawi lands job with oil firm Gulf Keystone Tory MP Nadhim Zahawi lands job with oil firm Gulf Keystone
(35 minutes later)
A Conservative party MP has taken a job at a British oil company with significant operations in Kurdistan. Nadhim Zahawi, who has been MP for Stratford-on-Avon since 2010, is joining the oil exploration company Gulf Keystone Petroleum as chief strategy officer on a part-time basis.A Conservative party MP has taken a job at a British oil company with significant operations in Kurdistan. Nadhim Zahawi, who has been MP for Stratford-on-Avon since 2010, is joining the oil exploration company Gulf Keystone Petroleum as chief strategy officer on a part-time basis.
The company declined to reveal how much he will be paid or the number of hours he will devote to the job, although the MP will have to disclose this information in September when the House of Commons register of members’ interests is updated. The company declined to reveal how much he would be paid or the number of hours he would devote to the job, although the MP will have to disclose this information in September when the House of Commons register of members’ interests is updated.
Gulf Keystone has hired Iraqi-born Zahawi for his connections in Kurdistan, noting that he had “maintained contact with the Kurdish region of Iraq throughout his extensive career”. Oil companies are struggling to get regular payments from the Kurdistan regional government, which has added to their problems at a time when oil prices have plunged.Gulf Keystone has hired Iraqi-born Zahawi for his connections in Kurdistan, noting that he had “maintained contact with the Kurdish region of Iraq throughout his extensive career”. Oil companies are struggling to get regular payments from the Kurdistan regional government, which has added to their problems at a time when oil prices have plunged.
According to the register of members’ interests, Zahawi received £6,128 in January for air travel expenses from the Kurdish regional government, while on a visit to the region with the mayor of London, Boris Johnson.According to the register of members’ interests, Zahawi received £6,128 in January for air travel expenses from the Kurdish regional government, while on a visit to the region with the mayor of London, Boris Johnson.
Zahawi came to the UK aged nine, after he and his Kurdish parents fled Iraq as repression intensified during the rise to power of Saddam Hussein. After private schools and a degree in chemical engineering at University College London, Zahawi built a varied business career that included co-founding the polling company YouGov. Zahawi came to the UK aged nine after he and his Kurdish parents fled Iraq as repression intensified during the rise to power of Saddam Hussein. After private schools and a degree in chemical engineering at University College London, Zahawi built a varied business career that included co-founding the polling company YouGov.
Since being elected to the rock solid Conservative seat of Stratford-on-Avon, Zahawi has retained his business interests, partly via his company Zahawi & Zahawi, which he co-owns with his wife, Lana. In the past year Zahawi & Zahawi has advised YouGov, as well as oil and gas explorer Afren. Zahawi also owns shares in recruitment company SThree and takes home £3,333 a month for seven hours’ work as a non-executive director for the firm. Since being elected to the solid Conservative seat of Stratford-on-Avon, Zahawi has retained his business interests, partly via his company Zahawi & Zahawi, which he co-owns with his wife, Lana. In the past year Zahawi & Zahawi has advised YouGov as well as oil and gas explorer Afren. Zahawi also owns shares in a recruitment company, SThree, and takes home £3,333 a month for seven hours’ work as a non-executive director for the firm.
In June, the MP lost out in the race to become head of the foreign affairs select committee, but remains a member of the influential group. In the last parliament he was chair of the all-party parliamentary group on Kurdistan and a member of the business, innovation and skills select committee. In June the MP lost out in the race to become head of the foreign affairs select committee, but he remains a member of the influential group. In the last parliament he was chair of the all-party parliamentary group on Kurdistan and a member of the business, innovation and skills select committee.
Zahawi has already started working for Gulf Keystone, where he is expected to play a big role in a strategic review that could lead to its sale.Zahawi has already started working for Gulf Keystone, where he is expected to play a big role in a strategic review that could lead to its sale.
Related: Gulf Keystone Petroleum slides on export payment delaysRelated: Gulf Keystone Petroleum slides on export payment delays
The FTSE-listed company was part of a stampede of western oil firms into Kurdistan, which is believed to have the world’s ninth largest oil reserves, an estimated 45bn-50bn barrels. However, Gulf Keystone’s finances are overstretched because of a delay in receiving a $250m (£159m) payment from the Kurdish authorities. The FTSE-listed company was part of a stampede of western oil firms into Kurdistan, which is believed to have the world’s ninth largest oil reserves, an estimated 45bn-50bn barrels. However, Gulf Keystone’s finances are overstretched because of a delay in receiving a $250m (£160m) payment from the Kurdish authorities.
Gulf Keystone’s chief executive, Jón Ferrier, said he was delighted to secure Zahawi’s services. “ I firmly believe that the breadth and depth of his regional knowledge will prove invaluable, and will help further strengthen our relationships within the Kurdistan regional government.” Gulf Keystone’s chief executive, Jón Ferrier, said he was delighted to secure Zahawi’s services. “I firmly believe that the breadth and depth of his regional knowledge will prove invaluable, and will help further strengthen our relationships within the Kurdistan regional government,” he said.
The British oil explorer has seen its share price fall sharply since the start of the year, as a result of plunging crude prices and the five-week suspension of production at its Shaikan field in Kurdistan. The British oil explorer has seen its share price fall sharply since the start of the year as a result of plunging crude prices and the five-week suspension of production at its Shaikan field in Kurdistan.
Zahawi’s office did not respond to requests for comment.Zahawi’s office did not respond to requests for comment.