Dick Cheney- Corporate Criminal

Halliburton agrees to forgo new contracts in Iran

By Agence France Presse (AFP)

NEW YORK: U.S. oil services giant Halliburton agreed to forgo any new business in Iran, according to a New York city pension fund official who has been pressing for the move as a shareholder in the company. New York City Comptroller William Thompson said that the company agreed to the move in response to a shareholder resolution submitted by three of the city's pension funds.

Thompson released a letter from Halliburton vice president Margaret Carriere stating that the company "will take appropriate corporate action to cause its subsidiaries not to bid for any new work in Iran." The letter added that "existing contracts and commitments which the subsidiaries have previously undertaken will be honored."

Halliburton, a company in the news because of its former chief executive - Vice President Dick Cheney - and for its numerous dealings in Iraq, earlier this year had won a major contract to drill for gas in Iran despite U.S. sanctions against foreign investment in the country's energy industry.

Thompson said the pension funds he oversees have over the past two years "aggressively targeted five companies that have used loopholes in the law to conduct business with terrorist-sponsoring nations."

He added, "I am encouraged that Halliburton has since promised to take the necessary steps to ensure shareholders that they will not in any way advance the reach of terrorism through their business activities."

Halliburton chairman Dave Lesar in January said the company would cease activities in Iran, saying the economic climate was not favorable.

The company has acknowledged a U.S. government probe into its operations in Iran through a Cayman Islands subsidiary. - AFP

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