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Feb. 16, 2004, 12:48 p.m. EST

Kuwait to probe Iraq fuel supply deal

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By Carolyn Pritchard, CBS MarketWatch.com

SAN FRANCISCO (CBS.MW) -- Kuwait's parliament voted unanimously Monday to investigate whether a Kuwaiti supplier to a subsidiary of Halliburton overcharged for fuel deliveries to Iraq after Saddam Hussein was forced from power by the U.S.-led war, according to press reports.

Auditors of the U.S. Department of Defense have found that Halliburton /zigman2/quotes/210488727/composite HAL -6.76% subsidiary Kellogg Brown & Root might have overcharged $61 million for deliveries of gasoline from Kuwait to Iraq via Kuwaiti subcontractor Altanmia Commercial Marketing Co.

"Halliburton welcomes another independent examination of this issue because there have been a lot of erroneous reports in the U.S. and international media," said Wendy Hall, Halliburton's director of public relations, via email Monday.

"The facts show that KBR delivered fuel to Iraq at the best value, the best price, and the best terms and in ways completely consistent with government procurement policies," she wrote.

The parliamentary investigative panel will reportedly meet Wednesday.

Separately, Halliburton said it has temporarily suspended certain invoicing of subcontractor food services for U.S. soldiers as it works with the U.S. Army to reconcile the differences between meals ordered by the Department of Defense and the number of meals actually served to the troops.

Halliburton is providing meal planning, food purchase and meal preparation services for soldiers through its KBR subsidiary.

Shares of Halliburton closed Friday at $31.64, up a penny.

/zigman2/quotes/210488727/composite
US : U.S.: NYSE
$ 21.65
-1.57 -6.76%
Volume: 10.95M
Nov. 26, 2021 1:10p
P/E Ratio
48.68
Dividend Yield
0.83%
Market Cap
$20.78 billion
Rev. per Employee
$361,125
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Carolyn Pritchard is a reporter for CBS.MarketWatch.com in San Francisco.

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