Fire in the mountain run, run run ........................ , More skeletons will roll out of the closet shortly.
-----------------------------------------------------------------------------------

http://www.chron.com/disp/story.mpl/ap/fn/4620759.html


Halliburton Will Move HQ to Dubai


By JIM KRANE Associated Press Writer
© 2007 The Associated Press

TOOLS
Email Get section feed
Print Subscribe NOW
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.: http://www.halliburton.com

-----------------------------------------------------------------
Speech by Thomas Friedman of The New York Times....

"When we were young kids growing up in America, we were told to eat our
vegetables at dinner and not leave them. Mothers said, 'think of the
starving children in India and finish the dinner.' And now I tell my
children: 'Finish your maths homework. Think of the children in India
who would make you starve, if you don't.'"