US oil giant Halliburton is to end its activities in Iran and also plans to divest itself of subsidiary Kellogg Brown and Root, group chairman and chief executive Dave Lesar said. "The business environment currently in Iran is not conducive to our overall strategies and objectives. As a result we have decided to exit Iran and wind down our operations there," Lesar said Friday during a conference with investors.
Halliburton, once chaired by US Vice President Dick Cheney, has come under investigation in the United States since July for its dealings with Iran through a Cayman Islands subsidiary in breach of a US embargo.
Under a law introduced in 1996, the United States threatens sanctions on both American and foreign companies investing more than 40 million dollars in Iran's petroleum industry.