Halliburton to move its HQ from Texas to Dubai

Halliburton, the global oil services group once headed by Dick Cheney, America’s Vice-President, is to shift its headquarters from Texas to Dubai in a move redolent of the changing balance of power in the world’s oil industry.

Dave Lesar, chief executive, said that Halliburton would retain an office in Houston but open a new corporate headquarters in the fast-growing Gulf financial centre. The chairman, president and chief executive will all be based there.

Speaking at an energy conference in Bahrain, Mr Lesar said that the move reflected Halliburton’s increased concentration on the Middle East, the main centre of expansion in world oil production, and in Asia, where rapid economic growth is demanding vast expansion of energy infrastructure.
To be closer to the "customer."

The great Military-Industrial Complex that Pres. Dwight D. Eisenhower warned us about and that which got us where we are vis-a-vis Iraq strikes again.

Tax avoidance is defineitely one reason why they are heading for the other side of town. But I fear the real reason might be to get as far as possible from US laws that govern the conduct of corporations as far as contractual obligations are concerned.

The Congress has been mumbling about the role of private contractors in the Iraq war and rumors are that hearings and subpoenas are in the offing for top officials in Dubyas administration.

It could also mean, the US is moving closer to war against Iran.
Trevelez said:
Tax avoidance
This is more likely the reason as more of the oil companies have moved out there plus its cheap labour too.

My company moved out there a few years ago and hence the reason i have to speak to some fuckwit called Mohamad everytime my pay gets messed up!
Halliburton has gained from the Iraq war, the US economy has paid for Halliburton’s expansion and the US forces has paid in lives now they move out of the US.

Or is that just a cynics view?
I posted this last night on the Baghdad victory thread:

Sorry to go off piste but this does pertain to Iraq.
This is in the Un-fcuking-real dept.
The company with close ties to Cheney that has made most of its profits from the American taxpayer is now moving out of America and hence wont pay American tax on the profit made from American taxes.
Halliburton, the firm that spends taxes but doesn't pay taxes.

Halliburton Will Move HQ to Dubai
JIM KRANE | AP | March 11, 2007 12:13 PM EST

DUBAI, United Arab Emirates — 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.

On the Net:

Halliburton Co.: www.halliburton.com


This from the huffingtopost.com:

Raymond J. Learsy



Business must be slowing down in Iraq. After booking over $20 billion in revenues from its work in Iraq, some on no bid contracts and now under Congressional scrutiny for both the quality of its work and billing practices, Halliburton is moving its headquarters from Houston to Dubai. The company together with its KBR unit has been the Pentagon's largest contractor in Iraq.

The move is being met with outage on Capitol Hill. Senator Patrick Leahy (D. Vermont) and chairman of the judiciary committee voiced his anger, "This is an insult to the U.S. soldiers and taxpayers who paid the tab for their no bid contracts and endured their overcharges for all these years".

Halliburton's chief executive David Lesar told reporters, "At this point in time we clearly see there are greater opportunities in the eastern hemisphere than the western hemisphere". Halliburton did say it would maintain its legal registration in the United States. You see, that's not altogether unimportant if you want to continue doing business with the Pentagon.

Cynicism eyeuk? I think this speaks for itself.
No matter how much they offered, that's one company I could never bring myself to work for. As crooked as a crooked tree freshly cut from Crooked Tree Forest, the lot of 'em.
I think it's the biggest signal yet that the US is not pulling out of Iraq any time soon.

More tinfoil please.
There's nothing sinister about this. Look at other oilfield service companies such as Schlumberger, and the amout of global internal services run from Dubai. Also look at the amount of similar "Western" companies who are basing themselves in Dubai.

Dubai hits a lot of the right check boxes when encouraging investment. Am I the only one who thinks it can only be a good thing that the Emirates are stable and encouraging investment?

Finally, how do you encourage individuals to move to and work in Houston, it's a grind of a city. Dubai....hell yes.
No matter how much they offered, that's one company I could never bring myself to work for. As crooked as a crooked tree freshly cut from Crooked Tree Forest, the lot of 'em.
And the IPCC isn't? :thumright:

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