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Halliburton to End Iran Operations

January 29, 2005|From Reuters

HOUSTON — Halliburton Co. will pull out of Iran after its current contracts there are wound down, its chief executive said Friday.

"The business environment currently in Iran is not conducive to our overall strategy and objectives," Chief Executive Dave Lesar said in a conference call.

The Houston-based company, formerly headed by Vice President Dick Cheney, has been criticized for its work in Iraq, where it is the largest private contractor with revenue totaling more than $10 billion.

The company is under investigation for possible overcharges for fuel and food services connected to its Iraq contracts.

Halliburton said in July that it had received a subpoena seeking information about operations in Iran of its Cayman Islands subsidiary, Halliburton Products & Services Ltd.

The company has argued that using a Cayman Islands subsidiary exempts it from a U.S.-imposed trade embargo against Iran, which is accused of seeking nuclear arms and funding terrorist networks.

Halliburton provided no details on when its current contracts in Iran would be completed or on the value of the work. The company generated about $80 million in revenue in Iran in 2003.

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