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Friday, Sep 13
Occidental Petroleum planning to sell 40% stake in Mideast unit
- Occidental Petroleum (OXY +1.2%) is actively looking for suitors to take a minority stake in its Middle East unit for as much as $8B, Bloomberg reports.
- CEO Stephen Chazen is said to have held talks with sovereign wealth funds and possible strategic partners for a 40% stake in the business, whose value he pegs at $20B; he is handling the talks himself and is not yet working with bankers.
- Chazen wants to lessen OXY's dependence on the Middle East while keeping funds available for capital intensive projects.