Halliburton to Wind Down Iran Operations

Forbes:

The oil services conglomerate Halliburton Co. will wind down its operations in Iran and seek to separate its engineering and construction subsidiary KBR from the parent, chairman and CEO Dave Lesar said Friday. ...

Halliburton does business in Iran through a foreign-owned subsidiary, which is allowed as long as Americans don't participate in or direct that business. But a federal grand jury is investigating whether the Houston-based company or its executives deliberately violated a U.S. ban on trade with Iran.

Lesar said services the company provides in Iran aren't illegal, but they are "miniscule" in comparison with the company's other work and that Iran's business environment "is not conducive to our overall strategies and objectives."

"We have decided to wind down our operations there while fulfilling our existing contracts and commitments," Lesar said on the conference call.

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