Halliburton plans move to Dubai

Critics said Halliburton was favoured by the Bush administration

Halliburton, the oil services company formerly headed by US Vice-President Dick Cheney, is moving its headquarters from Texas to Dubai.

The company said it hoped the move to the United Arab Emirates would help it expand its business in the Middle East.

Halliburton won valuable contracts in Iraq following the US-led invasion of 2003, some of which were awarded without competitive bidding.

The company also has extensive operations in Saudi Arabia.

The oil giant will keep an office in Houston but the posts of chairman, president and chief executive will be based in Dubai.

Chief Executive Dave Lesar, speaking at a conference in Bahrain, confirmed that he would be relocating.

"As the CEO, I'm responsible for the global business of Halliburton in both hemispheres and I will continue to spend quite a bit of time in an airplane as I remain attentive to our customers, shareholders and employees around the world," he said.

"Yes, I will spend the majority of my time in Dubai."

In 2006, Halliburton made profits of $2.3bn on revenues of $22.6bn. Last month it announced a 40% decline in fourth-quarter profit.