Is it good for business but bad for politics as AP put it? Thought some of you might find the following the story to be of interest.
Also, check out this podcast (sorry wasn't available on Odeo for me to embed) - a very interesting discussion going on :
- mms://realserver.bu.edu:554/w/b/wbur/onpoint/2007/03/op_0313a.wma (Windows Media Player)
or
-
http://realserver.bu.edu:8080/ramgen/w/b/wbur/onpoint/2007/03/op_0313a.rm (Real Player)
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Source: -
http://www.iht.com/articles/2007/03/12/business/halliburton.php 
Halliburton's move to Dubai signals concentration of business HOUSTON: Halliburton, the American oil services company that is relocating its headquarters to Dubai, said that the move was part of a strategy to concentrate its efforts in the Middle East and surrounding areas, where state-owned oil companies represent a growing source of business.
Halliburton, which was led by Vice President Dick Cheney from 1995 to 2000, announced the strategy in 2006, the chief executive, David Lesar, said Sunday.
Halliburton is in the process of spinning off KBR, its military contracting unit, to focus on its business of drilling wells and maintaining fields for oil companies.
The company did not say what implications the Dubai development might have for its military contracts.
The Dubai announcement, which Halliburton made at a regional energy conference in Bahrain, comes at a time when the company is being investigated by the U.S. Justice Department and the U.S. Securities and Exchange Commission over allegations of improper dealings in Iraq, Kuwait and Nigeria.
Halliburton has also agreed to pay billions of dollars in settlements in asbestos litigation.
Halliburton would not elaborate on what the shift of its top executive might mean for some of the issues it faces. The move raised questions about whether Halliburton might gain tax advantages or other benefits.
A Halliburton spokeswoman, Melissa Norcross, referred inquiries to the company's press release, writing in an e-mail message: "The CEO's job is global by nature. He will continue to remain attentive to our shareholders, clients and employees around the world.
"Basing the CEO in Dubai to focus on our Eastern Hemisphere growth makes good business sense, as it is the center of our Eastern Hemisphere operations and a global business hub. We will maintain our company's legal registration in the United States, and we are not leaving Houston."
The mayor of Houston, Bill White, was notified shortly before Halliburton made the announcement, according to a spokesman, Frank Michel.
"We don't expect it will have a big impact on employment here," Michel said. He noted that Schlumberger, one of Halliburton's top competitors, maintains offices in both Paris and Houston.
On the face of it, the decision to move Lesar abroad appears to point mainly to how the epicenters of the energy business are moving from the mature fields of North America to the younger fields of the Middle East and Africa.
It also underscores the arrival of Dubai as a center for energy deal-making and commerce, a role once solidly filled by Houston.
"My office will be in Dubai, and I will run our entire worldwide operations from that office," said Lesar, who holds the titles of chairman, chief executive and president at Halliburton, during a conference in Manama, the capital of Bahrain.
"The Eastern Hemisphere is a market that is more heavily weighted toward oil exploration and production opportunities," Lesar added. "Growing our business here will bring more balance to Halliburton's overall portfolio."
Halliburton is incorporated in Delaware and its stock is traded in New York.
Reuters reported that Lesar said Halliburton would like to list its shares on an exchange in the Middle East, which it could do while maintaining its listing on the New York Stock Exchange.
Halliburton reported a record $2.3 billion in profit last year. It continues to be the dominant oil-field service company in North America, where it generates 60 percent of its operating income.
Over the last several years, an increasing amount of Halliburton's business has shifted to places like Kuwait, Russia, Libya, Australia, Vietnam and West and Central Africa.
Mirroring trends in the energy business, its customer base is shifting from traditional Western oil companies to national oil companies in developing countries.
Some analysts who follow Halliburton said they did not think the relocation of Lesar reflected anything more than changes in the energy business.
"They are moving to the center of the Eurasian-African hemisphere, and that's where the bulk of the work is going to be in the future," said Barbara Struck, an analyst with Energy Intelligence Group, a research firm.
