Bechtel sees record revenue in 2004 (and says it's not because of Iraq)

[Cocoa]

http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2005/03/29/BUGGABVRQ91.DTL&type=printable

Bechtel Corp., the San Francisco firm helping rebuild Iraq, on Monday reported record revenue of $17.4 billion in 2004, buoyed by the growing strength of the global economy.

The results mark Bechtel's second year in a row of record-setting revenue, topping the company's 2003 take by 6.4 percent. The privately held firm does not disclose its profit.

With projects scattered throughout the United States and the world, Bechtel appears to be profiting from improving economies around the world. Some of the businesses Bechtel serves, such as oil firms and power companies, are building new projects or expanding old ones. Governments, too, are spending both at home and abroad.

"We're seeing an upturn in mining and metals, a big upturn in oil and chemicals, a return in power," said Jude Laspa, Bechtel's executive vice president and deputy chief operating officer. "We're seeing a lot more development in areas that had cut back."

Bechtel did not provide details on the amount of revenue brought in by its work in Iraq, where the company's engineers have spent nearly two years trying to repair waterworks and electrical plants. Laspa said, however, that the job in Iraq did not significantly improve Bechtel's 2004 results and suggested that it represented no more than a low-single-digit share of the revenue.

More…

[candy]

1. Nah---it's Boston's Big Dig !!!!!!!!!

[BigMcLargehuge]

6. yep

they screwed MA over as the tunnels are leaking all over the place now...

[anarchy1999]

2. " buoyed by the growing strength of the global economy. "

What a bunch of global BS! &*(&*&&^$)(*&

Rage, shame and lots of pain.

[Frederik]

3. Trying hard...

"Iraq, where the company's engineers have spent nearly two years trying to repair waterworks and electrical plants"

[fertilizeonarbusto]

4. Suuuuuuuuuuuure n/t

[SoCalDem]

5. It's a miracle..

:)

[BlueManDude]

7. Maybe they could come back and fix our freaking tunnels

shysters

[ucmike]

8. bechtel did well with telecom this year

they handle a lot of the cellular and wireless infrastructure for the service providers. i worked on some of their projects in the last few months. they have fingers in many pies.

[Nostradammit]

9. Oh... thanks.

I'm sure they're just taking a huge hit on all this war business.

[cosmicdot]

10. Stephen Bechtel Jr. serves on the Hoover Institution's Bd. of Overseers

and is Bechtel's Chairman Emeritus

just another right-wing think tank where Condi Rice networked

http://www-hoover.stanford.edu/main/boardovr.html
http://www.bechtel.com/leadership.htm

Bechtel: we're number 6; we're number 6; we're number 6
```````````````````````````````````````````````````````
Post-war Contractors Ranked by Total Government Earnings
All federal contracts from 1990 through fiscal year 2002
~snip~
6. Bechtel Group Inc. $11,742,537,000
~snip~
http://www.publicintegrity.org/wow/resources.aspx?act=history#6

Chairman and CEO, Riley Bechtel, is a director of Fremont Group; a director of J. P. Morgan Chase & Co. - it's a small good ol'boy world afterall.


"The New Yorker magazine has reported that Bin Laden Construction holds a $10 million stake in the Fremont Group, formerly known as Bechtel Investments, a subsidiary of Bechtel until 1986."

~snip~

"In April 2003, the U.S. Agency for International Development announced that Bechtel won a cost-plus-fixed-fee contract worth up to $680 million to rebuild Iraqi infrastructure such as schools, roads and sewers, as well as perform 'institutional capacity building' to maintain the improvements and create 'roadmaps for future longer term needs and investments'. The contract had been awarded after Bechtel and five other companies, including Fluor, Louis Berger Group, Parsons and Halliburton's Kellogg, Brown & Root, were privately selected by the agency to bid. The contract also allows indemnification of the company against chemical or biological weapons, mines and other perils, according to the contract, obtained by the Center for Public Integrity through the Freedom of Information Act. In September 2003, USAID announced that, due to the poor infrastructure and deteriorating stability in Iraq, Bechtel would receive an additional $350 million on the contract, raising the contract's potential ceiling to $1.03 billion."

~snip~

"On January 6, 2004, USAID awarded the second major Iraq reconstruction contract to Bechtel. The Iraq Infrastructure II contract has a total value of up to $1.8 billion; work is scheduled to continue through December 2005. Bechtel's previous reconstruction contract extends through December 2004. It was not disclosed how much Bechtel stands to gain from the Iraq II contract, but USAID told the San Francisco Chronicle that it would not exceed 10 percent of the total value. The company will be working with California-based Parsons and Horne Engineering Services of Fairfax, Virginia.

Bechtel will work on rebuilding major infrastructure such as electric power systems, water and sanitation services, public buildings, airports, roads and rail systems.

For its first contract, the company awarded 162 subcontracts. A total of 122 subcontracts were awarded to 102 different Iraqi companies."

http://www.publicintegrity.org/wow/bio.aspx?act=pro&ddlC=6

````````````````````````````````````````````````````````````
anyone have a link to photos of all the new infrastructure?

````````````````````````````````````````````````````````````