Occidental says $8B Middle East deal is being delayed by political tension

|About: Occidental Petroleum Corpor... (OXY)|By:, SA News Editor

Occidental Petroleum’s (OXY) attempt to raise as much as $8B by selling a stake in its Middle East business is being stalled by regional disputes over the Muslim Brotherhood, CEO Steve Chazen says.

OXY may need to break up the assets and sell them to individual countries because political tensions have made it too complicated to win agreement for a single sale to a consortium made up of Oman, the UAE and Qatar after the latter’s backing for the Brotherhood has drawn criticism from its neighbors in the region.

The three countries had formed a consortium late last year to buy as much as a 40% stake in OXY’s Middle East operations.