FINANCIAL NEWS

Qatar may abandon group bidding for Oxy’s ME stake

05 Apr 2014

(MENAFN) Qatar’s national oil company has dropped out of a group of state-backed investors looking to buy Occidental Petroleum stakes in the region, Time of Oman reported.

Abu Dhabi’s Mubadala Development and Oman Oil are still interested in the stake, said people familiar with the matter.

Qatar Petroleum is eyeing purchasing some or all of the stake on its own, and is seeking a financial adviser to help it with that.

Occidental Chief Executive Officer said: “The notion that they were going to somehow cooperate with each other in an oil investment is difficult at best right now.”

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