Halliburton plans move to Dubai

Halliburton, a US oil services company, said Sunday it will open a corporate headquarters in Dubai, extending operations in the Middle East and Asia.

Halliburton plans move to Dubai

The company is currently being investigated by the Securities and Exchange Commission [SEC] and the US justice department over allegations of improper business affairs in Iraq, Kuwait and Nigeria.

 

The company also has extensive operations in Saudi Arabia.

 

"Halliburton chairman, president and chief executive officer Dave Lesar will move to Dubai to lead the company's efforts in growing Halliburton's business in the Eastern hemisphere, an important market for the global oil and gas industry," the company said in a press release.

 

In 2006, more than 38 per cent of Halliburton's 13 billion dollar oil field services revenue was generated from the Eastern hemisphere, the company said.Last month it announced a 40% decline in fourth-quarter profit.

 

The offices of Dave Lesar, Halliburton's chief executive officer, will move to Dubai [EPA]

 

Formerly headed by Dick Cheney, the US vice president, the company won contracts in Iraq following the US-led invasion in 2003, some of which were awarded without going to tender.

 

Henry Waxman, a representative and chairman of the Oversight and Government reform committee may hold a hearing on the implications, according to an aide.

 

"They are being opportunistic in putting the CEO in the middle of the action," said William Sanchez, an analyst at Howard Weil.

He said he believed the move was not tax-related, but strategic, a view backed by another analyst, Alan Laws of Merrill Lynch, who said the move would help Halliburton's position in negotiating large contracts.

Halliburton is also in the process of splitting off its engineering and military services contracts unit, KBR, which is the Pantagon's largest contractor in Iraq.

 

 

Agencies

 

 

Güncelleme Tarihi: 20 Eylül 2018, 18:16
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