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HOUSTON (AP) - Oil field services provider Halliburton Co., which announced in 2005 it would accept no new contracts in Iran but would honor existing agreements, said Monday it has completed all contractual commitments and is no longer working in the Middle Eastern country.
The company's announcement came on the same day Iranian President Mahmoud Ahmadinejad said his country was now capable of producing nuclear fuel on an 'industrial scale,' expanding a nuclear program that has drawn U.N. sanctions and condemnation from the West.
"Halliburton had to be dragged kicking and screaming out of Iran, If Halliburton wasn't pressured by Congress, they would still be doing business in Iran."
Lautenberg has said some American companies have exploited a loophole in the law by creating foreign subsidiaries that are incorporated overseas for the specific purpose of bypassing U.S. sanctions. He cites Halliburton as an example
Originally posted by subz
If the US Government really was concerned about Iran you'd think they'd of penalized Haliburton rather than grant them billions of dollars worth of contracts.
U.S. companies have been forbidden to do business in Iran dating back to sanctions imposed after the 1979 Islamic revolution, when student fundamentalists held 52 American hostages for 444 days.