Halliburton moving to Dubai to avoid taxes

March 11, 2007

Texas - Halliburton, the oil services company formerly headed by Vice-President Dick Cheney, is moving its headquarters from Texas to Dubai to reduce its US tax burden.

Halliburton, the oil services company formerly headed by Vice-President Dick Cheney, is moving its headquarters from Texas to Dubai to reduce its US tax burden.

The company said it hoped the move to the United Arab Emirates would help it expand its business in the Middle East.

Business analysts say the real reason is the huge reduction in taxes it will have to pay.

Halliburton won valuable contracts in Iraq following the US-led invasion of 2003, some of which were awarded without competitive bidding due to Cheney's connection in the White House.

The company also has extensive operations in Saudi Arabia.

The oil giant will keep an office in Houston but the posts of chairman, president and chief executive will be based in Dubai.

Chief Executive Dave Lesar, speaking at a conference in Bahrain, confirmed that he would be relocating.

"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," he said.

"Yes, I will spend the majority of my time in Dubai."

In 2006, Halliburton made profits of $2.3 billion on revenues of $22.6 billion. Last month it announced a 40% decline in fourth-quarter profit.