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Occidental delays sale of Mideast business stake

: Wednesday, March 26 - 2014 @ 11:02

Occidental Petroleum Corp has said its efforts to raise $8bn by selling a stake in its Middle East business are being delayed by regional disputes over the Muslim Brotherhood, Bloomberg has reported. The global oil and gas producer might have to break up the assets and sell them to individual countries because political tension has made it too complicated to win agreement for a single sale to a consortium made up of Oman, the UAE and Qatar, CEO Steve Chazen told a group of investors at the Howard Weil Energy Conference in New Orleans. “The notion that they were going to somehow cooperate with each other in an oil investment is difficult at best right now,” Chazen said. Occidental began exploring a sale last year.

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Wednesday, March 26- 2014 @ 11:02 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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