QualityStocks News Halliburton to move headquarters

Quality Stocks News today- U.S. oilfield services giant Halliburton Co. (NYSE:HAL) said on Sunday it will move its corporate headquarters and its chief executive to Dubai in the United Arab Emirates in an effort to expand overseas.

Texas-based Halliburton, which was led by Vice President Dick Cheney from 1995-2000, did not specify what, if any, tax or political implications the move might entail.

The firm has drawn scrutiny from auditors, congressional Democrats and the Justice Department for the quality and pricing of its work for the U.S. army in Iraq.

The Dubai move drew immediate political reaction.

"This is an insult to the U.S. soldiers and taxpayers who paid the tab for their no-bid contracts and endured their overcharges for all these years," said judiciary committee chairman Sen. Patrick Leahy, a Vermont Democrat.

Halliburton chief executive David Lesar said the company also was considering listing its shares on one of the Middle East bourses. It is currently listed on the New York Stock Exchange and has a market value of more than $32 billion.

"My office will be in Dubai, and I will run our entire worldwide operations from that office," Lesar said at an energy conference in Bahrain. "Dubai is a great business center."

Halliburton has long been involved in the Middle East.

KBR Inc. the engineering and military-services contractor unit that Halliburton is in the process of splitting off, is the Pentagon's largest contractor in Iraq.

KBR has so far booked more than $20 billion in revenues from its work in Iraq and has been the target of several investigations into the company's billing practices. It has also faced complaints from some U.S. lawmakers about the company's close ties to the Bush administration.

Halliburton said it would maintain its legal registration in the United States and was not leaving Houston, where it was currently based.

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