U.S. energy firm Occidental Petroleum to sell stake in Mideast operations

Occidental Petroleum’s operations in the Middle East include an interest in the Mukhaizna Field in south-central Oman. (Image courtesy: Occidental Petroleum)

Occidental Petroleum is pursuing the sale of a minority interest in its operations in the Middle East and North Africa, the U.S. energy company said yesterday.

Stephen I. Chazen, the company’s President and Chief Executive, said the move was partly due to reducing exposure to political risk.

“These are the first formal steps in our effort to streamline the business, concentrate in areas where we have depth and scale and improve overall profitability,” he said.

“Our goal is to become a somewhat smaller company with more manageable exposure to political risk,” he said in a statement.

Occidental Petroleum’s regional business includes operations in the UAE, Oman, Qatar, Bahrain, Libya, Iraq and Yemen, according to a statement on its website.

The move comes as part of a strategic review to streamline the business, Occidental Petroleum said.

The company also announced plans to “pursue strategic alternatives” for some of its U.S. assets.

Last Update: Wednesday, 20 May 2020 KSA 09:41 - GMT 06:41