Oxy’s Mideast Asset Sale Stuck In Geopolitical Morass

Occidental’s proposed sale of Mideast assets to limit its risk exposure has become mired in the quicksand of regional politics as its Gulf Arab suitors have fallen out.

US mini-major Oxy has found itself caught in the middle of a diplomatic spat between the UAE and Qatar, whose state-owned entities were in discussion for a joint bid with Oman Oil for minority stakes in Oxy’s Middle East and North Africa assets.

These plans have now stalled and are unlikely to move forward, a senior executive at one of the MENA joint ventures with Oxy tells MEES.

UAE state-owned Mubadala Development Company, which is chaired by the powerful crown prince of Abu Dhabi, Shaikh Muhammad bin Zayid Al Nahyan, Qatar Petroleum and Oman Oil have been considering a joint bid for some of Oxy’s assets since late last year, when Oxy announced its plans to sell minority stakes in the Middle East and cut its high level of exposure. (CONTINUED - 847 WORDS)

DATA INSIDE THIS ARTICLE

table Occidental Petroleum: Mena Production (Net)