Word: halliburtons
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...reconstruction of Iraq, that grand effort of goodwill intended to win over the hearts and minds of Iraq's citizens, is America's other war, and it is not going quite according to plan. You could say that Halliburton, which holds an exclusive deal to support U.S. soldiers and by far the largest share of contracts for rebuilding Iraq's crippled infrastructure, is command central in the battle to rebuild the country. But the firm has become a lightning rod for criticism of the U.S. presence in Iraq. Thanks in part to Vice President Dick Cheney's five-year tenure...
...Work in Iraq is parceled out among a handful of companies, but Halliburton has by far the largest share--$17 billion from the U.S. and British governments, several times as much as its closest competitor, Bechtel. Halliburton and the other large contractors work on a cost-plus basis--the cost of its work (negotiated in advance) plus a defined profit of up to 3%. The entire 2004 budget for the Coalition Provisional Authority is $13 billion and pays for about 2,300 much smaller reconstruction projects, separate from Halliburton's, none of which are subject to competitive bidding rules. Halliburton...
Officials at the company bristle at the suggestion that Halliburton has had an easy ride in Iraq. Thirty-five of its employees have been killed there so far, and work on some projects has been stalled for months because of repeated insurgent attacks. Despite all this, Halliburton pushed Iraq's oil production back to prewar levels of 2 million bbl. a day in December, three months ahead of schedule, and delivered 1.8 billion liters of fuel via 700 trucks on the road daily in Iraq and Kuwait...
...Halliburton faces continuing accusations of overcharging and poor management. In May, the Army decided to suspend (for the second time) $159.5 million it owed KBR for running 64 dining halls across Iraq--the latest in a series of disputed bills and erroneous cost estimates. Representative Henry Waxman, a senior Democratic member of the House Government Reform Committee, says military contractors in Iraq don't have enough competition or oversight to keep them honest. "This is a great deal for Halliburton and Bechtel, but it's an absolutely horrendous arrangement for the taxpayer," says Waxman, who calls it "a recipe...
...would a company like Halliburton, which, after all, runs a successful oil-field-services business far removed from Iraq, agree to stay there? Profits. Iraq contracts have added $5.7 billion to Halliburton's revenues since January 2003, accounting for almost all the company's growth at a time when it was struggling with $4 billion in asbestos claims. The fact is, war is one of Halliburton's specialties. The firm's comprehensive troop-support contract, called LOGCAP, and its southern Iraq oil-field-rehabilitation contract, known as Restore Iraqi Oil (RIO), require Halliburton to supply whatever the military needs, determined...