July 2 Occidental Petroleum Corp has
failed to sell a stake in its Middle East business and now plans
to sell some assets piece by piece, Bloomberg reported on
Wednesday, citing people with knowledge of the matter.
The oil and gas producer had said in October last year that
it planned to sell a minority stake in its Middle East and North
African operations as part of a restructuring program to lift
However, Bloomberg reported in March that there were delays
in the process due to regional disputes over the Muslim
Reuters in early December reported that three state-owned
Gulf firms, including Abu Dhabi's Mubadala Development Co
, Qatar Petroleum and Oman Oil Co, were
considering a joint bid for the unit, in a deal that could be
worth between $8 billion and $10 billion.
Occidental may get as much as $1 billion for smaller,
partial sales, one of the people told Bloomberg. (bloom.bg/1pXYwS8)
"We continue to make progress on our discussions with our
partners in the Middle East for the sale of a portion of our
interests in the region," Occidental spokeswoman Melissa Schoeb
Mubadala Development, Qatar Petroleum and Oman Oil could not
be reached for comment outside regular business hours.
(Reporting by Abhirup Roy in Bangalore)