Why aren't these crooks in jail?
HOUSTON – U.S. oilfield services company Halliburton Co. will pull out of Iran after its current contracts there are wound down, its chief executive said Friday, citing a poor business climate in the Islamic Republic.
"The business environment currently in Iran is not conducive to our overall strategy and objectives. As a result, we have decided to exit Iran and wind down our operations there while fulfilling our existing contracts and commitments," CEO Dave Lesar said on a conference call with investors.
The Houston-based company, formerly headed by Vice President Dick Cheney, has also been criticized for its work for the Pentagon in Iraq, where it is the largest private contractor with revenues totaling more than $10 billion.
The company is under investigation by the U.S. Justice Department for possible overcharges for fuel and food services connected to its Iraq contracts.
Halliburton said in July it had received a subpoena seeking information about operations in Iran of its Cayman Islands-based Halliburton Products & Services Ltd. unit.
Hallibuton has argued that using a Cayman Islands subsidiary exempts it from a trade embargo against Iran imposed by Washington, which accuses Tehran of seeking nuclear arms and funding terror networks.
Halliburton generated about $80 million in revenues in Iran in 2003.
An offshore subsidiary of Halliburton earlier this month won a contract to develop Iran's huge South Pars gas field, which sits on the world's biggest reservoir of gas.
That report stoked criticism of the company in the United States, as well as among Iran's conservative newspapers.
Lesar said the pullback from Iran was temporary, and if U.S. laws or the business climate changed, Halliburton would return to the Islamic Republic.
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