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FINANCIAL NEWS
Oman Oil to buy US Occidental Corp. assets in Oman
22 Oct 2014
(MENAFN) Oman Oil Co. is said it is currently in discussions with Occidental Petroleum Corp. to buy its assets in the country but that they are still negotiating the specifics of the potential sale from the US company, Arab News reported.
Occidental, which had previously said that it was planning to sell a minority stake in its Middle East and North African operations as part of a restructuring program to lift its valuation, has failed to sell the combined stake together and was planning to sell the assets piece by piece.
After that announcement by Occidental, it was reported that Abu Dhabi’s Mubadala Development Co., Qatar Petroleum and Oman Oil, were considering a joint bid for the unit, in a deal that could be worth between USD8 billion and USD10 billion.
“We are now in negotiations with Occidental to buy their assets here in the sultanate. Now we are waiting for them to specify what exactly they want from this deal. We are ready to buy the assets,” Oman Oil Company CEO said.
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