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Halliburton To Halt Activities In Iran

30 January 2005 -- The U.S. oil-field services company Halliburton says it plans to end its activities in Iran after its current contracts in the country are fulfilled.

Halliburton CEO Dave Lesar made the announcement, citing what he called a poor business climate in Iran for Halliburton.

The executive said Halliburton would return to Iran if U.S. sanctions are lifted in the future.

The Houston, Texas-based company, which was formerly headed by U.S. Vice President Dick Cheney, is being probed by U.S. federal investigators for its dealings with Iran through a Cayman Islands-based subsidiary.

Halliburton contends that using the subsidiary exempts it from Washington's trade embargo against the Islamic Republic. The U.S. accuses Iran of seeking nuclear weapons and funding terror networks -- charges the Iranian government denies.