Basra/ Iraq TradeLink: Basra Investment Commission decided withdrawing the investment permit from an Indian company.
The project was to build a factory for oil pipes.
The sources reported that the company, Jindal, did not fulfill the procedures of the permit, despite it was granted on May, 2012.
Jindal Company gave excuses for not implementing the projects, including Iraqi political and economic crises, as well as "not finding the suitable market to continue its work", the commission pointed out.
Basra Investment Commission gave the permit for the oil pipes project on 5 May, 2012, with a land of 160 donums.
It was expected that the cost of the project will reach to about 198 million dollars.
Source: Iraq TradeLink