Halliburton puts down roots in Dubai, targets Gulf oil firms
LONDON — A major U.S. oil services company plans to expand operations in the Middle East by investing in Gulf Arab firms.
Halliburton, the world's second-largest oil services company, is preparing to purchase a stake in firms in the six
Gulf Cooperation Council states.
Halliburton has been establishing a
corporate headquarters in Dubai in the United Arab Emirates in an effort to
expand its Gulf market.
Also In This Edition
"The U.S. company is examining the prospect of buying a stake in
emerging Gulf oil companies to boost exploration operations in their areas,"
the London-based A-Sharq Al Awsat daily said on Sept. 24.
The Saudi-owned newspaper did not name the GCC companies targeted by
Halliburton. In May 2007, Halliburton chief executive officer Dave Lesar
said 70 percent of his company's potential market was outside North and
South America.
