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Tuesday, October 21, 2014

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

Oman Oil Co. is in talks with Occidental Petroleum Corp to purchase a minority stake in its assets in the Gulf Arab sultanate, 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."Zadjali later said that Oman Oil is "looking to buy a minority shares in Oxy's assets in Oman, not the whole assets."

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.