Monday, January 10, 2005

Halliburton and Oriental Kish win Iranian Drilling Contract

MENAFN - Middle East North Africa . Financial Network: "Halliburton wins gas contract in Iran despite sanctions

NewsStand - Monday, January 10, 2005

Agence France-Presse
TEHRAN, Jan 10 (AFP)

TEHRAN, Jan 10 (AFP) - Iran said Monday that US oil giant Halliburton had won a major contract to drill for gas, despite US sanctions against foreign investment in the country's energy industry.

"Halliburton and Oriental Kish (an Iranian company) are the final winners of the tender for drilling South Pars phases 9 and 10," the head of Pars Oil Gas Company, Akbar Torkan, was quoted as saying by state television.

An unnamed company official quoted by the reformist Shargh newspaper said the deal for the gas fields in the Gulf off the south coast of Iran was worth about 310 million dollars.

He said Halliburton had not directly signed the contract but that it had offered its services via Oriential Kish.

Under a law introduced in 1996, the United States threatens sanctions on both American and foreign companies investing more than 40 million dollars in Iran's petroleum industry.

Halliburton, once chaired by US Vice President Dick Cheney, has come under investigation in the United States for its dealings with Iran through a Cayman Islands subsidiary.

Iran, which is OPEC's second largest oil exporter, also has the world's second largest gas reserves.




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