Halliburton to pull out of Iran

MKSheppard · Post by **MKSheppard** » 2005-01-30 08:58pm

http://news.bbc.co.uk/2/hi/business/4217703.stm

Halliburton to pull out of Iran
US energy services company Halliburton is to end its operations in Iran after existing contracts come to an end.

Several American firms have been able to legally work in the country in the face of a US trade embargo, through foreign subsidiaries.

Halliburton, once run by US vice president Dick Cheney, said its Cayman Island unit secured revenues of $30m-$40m (£16-£21m) from Iran in 2003.

It said it was winding down its work due to a poor business environment.

Losses cut

Tension has been mounting between the two nations as the US suspects Iran of developing a nuclear weapons programme.

Iran has always denied this, saying that its nuclear development programme is purely for peaceful, energy-generating purposes.

Meanwhile, a recent Iranian gas field contract won by Halliburton sparked criticism in the US.

And a federal grand jury is looking at whether any violations of the Iran trade embargo had taken place.

Halliburton chief Dave Lesar said the firm would return to the country if US legislation changed or the business climate picked up.

Halliburton saw a loss of $201m in the fourth quarter of 2004, compared to a loss of $947m a year ago, when it was hit with charges related to settlement of asbestos claims.

The company is planning to sell or float its KBR subsidiary, which is being investigated for alleged overbilling on fuel and food service contracts from the Pentagon in Iraq.

Illuminatus Primus · Post by **Illuminatus Primus** » 2005-01-30 09:00pm

The rats are fleeing the sinking ship.

Nieztchean Uber-Amoeba · Post by **Nieztchean Uber-Amoeba** » 2005-01-30 09:03pm

Illuminatus Primus wrote:The rats are fleeing the sinking ship.

Well, at least now no one can talk about how Haliburton is the only thingin Iraq.

Pick · Post by **Pick** » 2005-01-30 09:10pm

Nieztchean Uber-Amoeba wrote:
Illuminatus Primus wrote:The rats are fleeing the sinking ship.
Well, at least now no one can talk about how Haliburton is the only thingin Iraq.

The sand will finally have its hour of glory!

MKSheppard · Post by **MKSheppard** » 2005-01-30 09:21pm

Illuminatus Primus wrote:The rats are fleeing the sinking ship.

You please note it's IRAN not Iraq that halliburton is leaving.

Illuminatus Primus · Post by **Illuminatus Primus** » 2005-01-30 09:55pm

MKSheppard wrote:
Illuminatus Primus wrote:The rats are fleeing the sinking ship.
You please note it's IRAN not Iraq that halliburton is leaving.

I know - in this case, the rats are prescient.

J · Post by J » 2005-01-30 09:57pm

MKSheppard wrote:
Illuminatus Primus wrote:The rats are fleeing the sinking ship.
You please note it's IRAN not Iraq that halliburton is leaving.

An indication perhaps that something bad may soon happen to Iran...?

Stormbringer · Post by **Stormbringer** » 2005-01-30 10:44pm

jmac wrote:
MKSheppard wrote:
Illuminatus Primus wrote:The rats are fleeing the sinking ship.
You please note it's IRAN not Iraq that halliburton is leaving.
An indication perhaps that something bad may soon happen to Iran...?

You think? With their nuclear ambition and the everyone else's ambition to curb said nuclear ambitions it's a tense situation. If the US or some one else forcibly terminates their nuclear program then it's probably going to be a bad time to be western there.

And we did have the little hostage crisis with them....

Illuminatus Primus · Post by **Illuminatus Primus** » 2005-01-30 11:16pm

One hardly needs to go back that far; they fund Hezbollah - and they are responsible for the Beirut bombings.

Stormbringer · Post by **Stormbringer** » 2005-01-30 11:27pm

Illuminatus Primus wrote:One hardly needs to go back that far; they fund Hezbollah - and they are responsible for the Beirut bombings.

Oh, they've done plenty. But it's more a history of holding hostages that's sending people running or so I would imagine.