Halliburton wraps up in Iran

[elehhhhna]

By BRETT CLANTON
Copyright 2007 Houston Chronicle

Halliburton said Monday it has completed all work in Iran and has left the country, making good on an earlier pledge to exit the Middle Eastern nation once it served out its last contracts there.

The announcement comes more than two years after Halliburton said it would depart Iran and as tensions rise between the West and a nation President Bush has identified as part of an "Axis of Evil."

On Monday, Iran drew threats of additional U.N. sanctions and wide condemnation from the West after announcing it had dramatically expanded its nuclear program. Relations are also cooling after Iran held and then released 15 British sailors recently.

Halliburton, along with other U.S. firms such as General Electric Co. and Houston's Dresser-Rand Group, have faced sharp criticism for doing business through affiliates in countries subject to U.S. government sanctions. The company's move to quit Iran now leaves the remaining American companies alone to deal with the political pressures of operating in such countries.

...snip...

Halliburton did its Iranian business through a foreign subsidiary known as Halliburton Products & Services Ltd., a Cayman Islands-registered company headquartered in Dubai, United Arab Emirates.

Federal law prohibits U.S. companies from trading directly with Iran because of ties to organizations believed to foster terrorism. But foreign units of American firms can operate there, as long as the foreign entity is truly independent of the U.S. business.


http://www.chron.com/disp/story.mpl/front/4700653.html

[tech3149]

1. Unka Dick just warned them to get out before the bombing starts n/t

[HeeBGBz]

3. Yup, getting out before the bombing starts

That was my first thought. :scared:

[gatorboy]

2. Well if Halliburton is leaving that can only mean one thing.

Make way for the Shock and Awe!

[hippiechick]

4. ding ding ding!

:applause: :scared: Rut Roh.