Iran General NewsHalliburton completes work in Iran

Halliburton completes work in Iran

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Wall Street Journal: Halliburton Co. said all contractual commitments in Iran have been completed and it is no longer working in the country. The Wall Street Journal

April 10, 2007; Page A15

HOUSTON — Halliburton Co. said all contractual commitments in Iran have been completed and it is no longer working in the country.

The oilfield-services company said in January 2005 that no new work in Iran would be accepted and that only contractual commitments existing at that time would be honored. U.S. sanctions generally prohibit direct involvement by U.S. companies in Iran because Iran’s government is believed to support terrorism, but there are exceptions, such as if they use offshore subsidiaries that are legally independent of the parent company.

Halliburton has said that its operations didn’t violate the law. “Halliburton’s prior business in Iran was clearly permissible under applicable laws and regulations,” the company said.

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