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August 8, 2003

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NYT: "The Bechtel Group, one

NYT: "The Bechtel Group, one of the world's biggest engineering and construction companies, has dropped out of the running for a contract to rebuild the Iraqi oil industry, as other competitors have begun to conclude that the bidding process favors the one company already working in Iraq, [Dick Cheney's] Halliburton."

Because they're the only ones in Iraq (since they won the first contracts), they're the only company able to meet the Army Corps of Engineer's aggressive timetable for the work. "Halliburton's competitors worry that if the winner of the new contracts is not announced until Oct. 15, that company could not even begin the work before year's end. The only company that could do the work based on that timetable is Halliburton, its competitors say." And: "Working in Iraq has helped turn around Halliburton's financial performance, its second-quarter results showed. The company made a profit of $26 million, in contrast to a loss of $498 million in the period a year earlier."

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posted by adm at 8:43 AM | #

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