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Occidental’s planned sale of minority Middle Eastern stakes is likely to include its share in Bahrain Tatweer Petroleum but the US mini-major is dragging its feet and has so far failed to make its intentions known to the authorities, sources tell MEES.
The focus has fallen on Bahrain after Oxy’s plan to divest of Gulf assets was foiled by regional politics.
One source tells MEES that Oxy appears to be holding off informing the Bahrainis of its intentions “because they want to wait and maximize profits,” though the source confirms that the Bahrain asset is on the block. For now, the Bahrain Oil Ministry is watching and waiting despite the Bahrain Petroleum Company (Bapco) advising action. (CONTINUED - 402 WORDS)