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Tuesday, October 21, 2014

Oman Oil in talks with Oxy to purchase its local assets - CEO, (NYSE: OXY)

Oman Oil Co is in talks with Occidental Petroleum Corp to purchase its assets in the Gulf Arab sultanate but is still waiting to know the specifics of the potential sale from the U.S. company, the Omani firm's chief executive said on Tuesday. "We are now in negotiations with Occidental to buy their assets here in the sultanate," CEO Isam al-Zadjali told reporters on the sidelines of an energy conference in Muscat."Now we are waiting for them to specify what exactly do they want from this deal. We are ready to buy the assets."Oxy 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 its valuation.Reuters had reported last year that three state-owned Gulf firms, 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 $8 billion and $10 billion.

Occidental Petroleum Corporation (Occidental) conducts its operations through various subsidiaries and affiliates. Shares of OXY traded higher by 0.43% or $0.38/share to $88.74. In the past year, the shares have traded as low as $82.30 and as high as $105.64. On average, 4072580 shares of OXY exchange hands on a given day and today's volume is recorded at 3791729.