Halliburton Is Faulted By Pentagon On Accounts

Article Abstract:

A Department of Defense audit has revealed that Halliburton Co.'s subsidiary working in Iraq, Kellogg Brown & Root, has failed to properly account for some of the $4.2 billion Halliburton has received for work in Iraq and Kuwait. The audit, which has not been made public, reveals the KBR accounting to be inadequate in almost every way, and the Pentagon has given the company 45 days to rectify the problem. Critics have accused the Pentagon of favoritism toward Halliburton by not immediately witholding funds, citing eight previous, critical audit reports from several government agencies on management of the multibillion-dollar contracts.

Construction, Engineering Services, Engineering & Architectural Svcs, Capital funds & cash flow, HEAVY CONSTRUCTION, EX. BUILDING, GENERAL BUILDING CONTRACTORS, Construction industry, Accounting and auditing, Public contracts, Government contracts, Defense contracts, Iraq War, 2003-, Government contract, Defence contracts

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U.S. SEES EVIDENCE OF OVERCHARGING IN IRAQ CONTRACT

Article Abstract:

The Dept. of Defense has confirmed evidence that Kellogg, Brown, Root, a Halliburton Co. subsidiary, has overcharged the US $61 million for delivering petroleum from Kuwait to Iraq. Halliburton had received a no-bid contract worth billions for Iraqi services. The DOD said it would not accept the overcharge, and Halliburton officials agreed to cooperate with the investigation.

Legal issues & crime, Company legal issue, Cases, Investigations

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Iraq Is Soliciting Bids To Help Determine How Much Oil It Has

Article Abstract:

In an effort to quantify the extent of its resources, Iraq is offering small exploration contracts to petroleum companies; several are likely to bid.

United Kingdom, Strategy & planning, Netherlands, Government domestic functions, Crude Petroleum and Natural Gas Extraction, Crude petroleum and natural gas, Crude Petroleum & Natural Gas, Russia, Petroleum refining, Planning, British Petroleum Company PLC, Energy policy, Petroleum industry, XON, Exxon Mobil Corp., Company business planning, Oil and gas exploration, Petroleum exploration, OAO Lukoil, Royal Dutch-Shell PLC, LUKOY

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