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Baker Hughes

Baker Hughes

Industry: 
Energy
Value of USG Contracts: 
10
Symbol: 
NYSE:BHI
States: 
OK
TX
Country: 
USA
Sources: 

"Baker Hughes, through its foreign subsidiaries, had done work in Iran's oil and gas sectors, but decided several years ago to get out of both Iran and Sudan. A spokesperson said that the company finished all major warranty work it was contractually obligated to do in 2007."  The company has received $7.6 million in revenue and benefits from the US government for their business in Iran during 2000-2009.  They have since withdrawn their investments in Iran. (The New York Times, "Profiting from Iran, and the US," 3/6/2010)

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"At first, even companies incorporated in the United States - including such Schlumberger rivals as Halliburton, Weatherford, and Baker-Hughes - got around US sanctions by utilizing their overseas subsidiaries to perform work in Iran. Then the Sept. 11, 2001, terrorist attacks sparked federal investigations into whether US personnel were involved in the subsidiaries operating in Iran. Facing tighter scrutiny, negative publicity, and investor anger, all three of Schlumberger's main American competitors pulled out of Iran." (The Boston Globe, "Oil firm sidesteps sanctions on Iran," 12/7/08)

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"More importantly, even the threat of unilateral sanctions has been effective as recently as last year. As state after state has ramped up efforts to divest pension funds from companies invested in Iran, and as S 970, the Smith-Durbin Iran Counter-Proliferation Act, has garnered support in Congress, American companies like General Electric, Halliburton, and Baker Hughes with subsidiaries operating in Iran have rethought the wisdom of doing business with one of our nations most dangerous enemies. And as the United States has contemplated additional unilateral banking sanctions on Iran, banks across Europe have ratcheted back their exposure to the Islamic Republic, with some pulling out entirely." (AEI, The Iran Counter-Proliferation Act of 2007, April 21, 2008)

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"'Baker Hughes left Sudan in December and since then has been only doing warranty work stemming from contracts in Iran,' spokesman Gary Flaharty said. 'Baker Hughes is not starting new work in Iran,' he said." (The Houston Chronicle, "Weatherford to leave sanctioned countries," 9/11/07)

Response: 

No response at this time.