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To: Lucretius who started this subject	3/25/2003 3:28:57 PM
From: j-at-home	Read Replies (1) of 436258

Halliburton gains on Iraq contract By Lisa Sanders, CBS.MarketWatch.com Last Update: 3:21 PM ET March 25, 2003 HOUSTON (CBS.MW) -- Shares of Halliburton rose in Tuesday trades after the oil services and engineering and construction giant said that it's been given the go-ahead to deploy a plan to quell oil well fires and rebuild infrastructure in Iraq. The U.S. Army Corps of Engineers awarded the contract to Kellogg, Brown & Root -- a division of Halliburton. Vice President Dick Cheney ran Halliburton as chairman and chief executive before resigning to become President George Bush's running mate. At a briefing Tuesday afternoon, Bush spokesman Ari Fleischer deflected a question about whether the KBR contract posed a potential conflict of interest given Cheney's ties to Halliburton. Fleischer said questions about the bid process should be directed to the agency that awarded the contract. Spokespeople for the Corps weren't immediately available. "KBR was selected for this award based on the fact that KBR was the only contractor that could commence implementing the complex contingency plan on extremely short notice," the company said in a statement. "This contract will be used for an interim period, until the U.S. Army Corps of Engineers procures additional contracts to provide a broad range of services required to support full execution of contingency plan." KBR said it would work in conjunction with Halliburton's Energy Services Group. Halliburton had already developed the contingency plan at the request of the Defense Department in November 2002. Analysts had predicted some time ago that U.S. service companies stood to gain in a post-conflict Iraq because of their leading positions in oilfield technology. Not only are a handful of Iraqi oil wells ablaze and need rebuilding, the entire oil infrastructure has been neglected for years and requires an overhaul. See previous story. Halliburton's (HAL: news, chart, profile) stock rose 2.4 percent to $20.60 in recent dealings. Volume neared 2 million shares by midday. cbs.marketwatch.com

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