Sept 13 Occidental Petroleum Corp is
looking to sell 40 percent of its Middle East operations for $8
billion, Bloomberg reported on Friday, as Oxy seeks investment
in the unit as part of a broader plan to split up the company.
Chief Executive Steve Chazen has talked openly since April
about a potential deal for its Middle East and North Africa
assets, which run across countries from Libya to Iraq to Yemen.
Analysts also say its California operations could be spun out.
Bloomberg, citing people with knowledge of the matter, said
Chazen has put a value of about $20 billion on the Middle East
arm, which would be in line with analysts' previous estimates.
A spokeswoman for Occidental was not immediately available
Shares of the Los Angeles-based company were 0.5 percent
higher at $91.51 in morning trading on the New York Stock
Exchange. The stock is up more than $10 per share since the
company began discussing a potential break-up in April.