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Halliburton Moving to Dubai March 11, 2007

Posted by Dan in Middle East, News, Politics.
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This is amazing… after taking even more heat from the mismanagement of several aspects of wounded soldier healthcare, Halliburton is moving its corporate headquarters outside of the United States, to the U.A.E. It should be noted that the company has never apologized for any of its illicit dealings, or failures to deliver on contractual promises.

DUBAI, United Arab Emirates (AP) — Oil services giant Halliburton Co. will soon shift its corporate headquarters from Houston to the Mideast financial powerhouse of Dubai, chief executive Dave Lesar announced Sunday.

”Halliburton is opening its corporate headquarters in Dubai while maintaining a corporate office in Houston,” spokeswoman Cathy Mann said in an e-mail to The Associated Press. ”The chairman, president and CEO will office from and be based in Dubai to run the company from the UAE.”

Lesar, speaking at an energy conference in nearby Bahrain, said he will relocate to Dubai from Texas to oversee Halliburton’s intensified focus on business in the Mideast and energy-hungry Asia, home to some of the world’s most important oil and gas markets.

”As the CEO, I’m responsible for the global business of Halliburton in both hemispheres and I will continue to spend quite a bit of time in an airplane as I remain attentive to our customers, shareholders and employees around the world,” Lesar said. ”Yes, I will spend the majority of my time in Dubai.”

Lesar’s announcement appears to signal one of the highest-profile moves by a U.S. corporate leader to Dubai, an Arab boomtown where free-market capitalism has been paired with some of the world’s most liberal tax, investment and residency laws.

”The eastern hemisphere is a market that is more heavily weighted toward oil exploration and production opportunities and growing our business here will bring more balance to Halliburton’s overall portfolio,” Lesar said.

In 2006, Halliburton — once headed by Vice President Dick Cheney — earned profits of $2.3 billion on revenues of $22.6 billion.

More than 38 percent of Halliburton’s $13 billion oil field services revenue last year stemmed from sources in the eastern hemisphere, where the firm has 16,000 of its 45,000 employees.

Cheney was Halliburton’s chief executive from 1995-2000 and the Bush administration has been accused of favoring the conglomerate with lucrative no-bid contracts in Iraq.

Federal investigators last month alleged Halliburton was responsible for $2.7 billion of the $10 billion in contractor waste and overcharging in Iraq.

Halliburton last month announced a 40-percent decline in fourth-quarter profit, despite heavy demand for its oil field equipment and personnel.

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Comments»

1. Anonymous - March 12, 2007

I am so outraged, I am at a loss for words. We need to institue legislation to protect American-based companies in order to give them an edge and incentives for STAYING in the U.S.

AND we need to ban companies and implement tariffs on foreign-based companies that want to profit from American dollars.

2. Anonymous - March 12, 2007

Nuts

3. Steve - March 12, 2007

Two words: “Clinton” and “LOGCAP.” Google them together and see what you get.

4. KH - March 12, 2007

Why not move , the USA does nothing much for HALLIBURTON tax wise and really better there better here$$$$$

5. KH - March 12, 2007

Why not move ? The USA dose nothing much for HALLIBURTON tax wise and really,, better there ,better here $$$$$$$$$

6. david meinhard - March 12, 2007

have wondered for years why Phillip Morris and R.J. Reynolds haven’t moved offshore after the way the U. S. Has treated the tobacco industry while lapping up its tax monies. why hit haliburton when other businesses outsource so many of their jobs, with the encouragement of our government?

7. Anonymous - March 12, 2007

“The Buck Stops Here!!”

Especially if you “Tread on Me”

I agree with the fact that we need to better protect US industry. We continue to allow companies to claim US alliance but manufacture in other countries. For example the huge amount of “American” autos manufactured in foreign countries such as Canada and Mexico.

The United States continues to support companies who continue to support our enemies.

Let require business to support our nation and build it back to the super power it should be. Dependence upon other nations was the reason Germany and Japan lost WWII. We now are in the same position they were – dependent upon the world for our security. We now get all of our steel, technology and much of our fuel from those who are or were our enemies.

Rome fell and it didn’t make it this easy for its enemies.

Just how comforting is that!!!

8. Idaho Man - March 12, 2007

“The Buck Stops Here!!”

Especially if you “Tread on Me”

I agree with the fact that we need to better protect US industry. We continue to allow companies to claim US alliance but manufacture in other countries. For example the huge amount of “American” autos manufactured in foreign countries such as Canada and Mexico.

The United States continues to support companies who continue to support our enemies.

Let require business to support our nation and build it back to the super power it should be. Dependence upon other nations was the reason Germany and Japan lost WWII. We now are in the same position they were – dependent upon the world for our security. We now get all of our steel, technology and much of our fuel from those who are or were our enemies.

Rome fell and it didn’t make it this easy for its enemies.

Just how comforting is that!!!


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