Occidental Petroleum Corp. announced Monday the signing of an agreement with
Abu Dhabi's International Petroleum Investment Co. (IPIC) for joint
participation in hydrocarbon-related investments.
The agreement between Oxy and IPIC, a company wholly owned by the
Government of the Emirate of Abu Dhabi, provides for the companies to
jointly evaluate and participate in development of upstream and
downstream projects both within and outside the Middle East Region. The
decision to participate in any project is at the discretion of each
"This agreement is a natural extension of our existing strategic
partnership with Abu Dhabi which currently includes the highly
successful Dolphin project, development of the giant Mukhaizna Field in
Oman, and an exploration joint venture in Libya. It further strengthens
our relationship with the Emirate of Abu Dhabi and we expect it will
provide significant new opportunities to increase Oxy's presence in the
Middle East/North Africa region. We are pleased to be working with IPIC
and the Abu Dhabi government and expect to further expand our joint
activities in the near future," said Ray R. Irani, Chairman and
Chief Executive Officer of Occidental Petroleum Corp.
"We are excited to be partnering with a world class company to pursue
opportunities for growth. Occidental Petroleum's best in class
operating skills combined with its long standing commitment to Abu
Dhabi will add tremendous value to IPIC strategy," said Khadem Al
Qubaisi, IPIC Managing Director.
Occidental Petroleum Corp. is an international oil and gas
exploration and production company with operations in the United
States, Middle East/North Africa and Latin America regions. Oxy is the
fourth largest U.S. oil and gas company, based on equity market
capitalization. Oxy's wholly owned subsidiary, OxyChem, manufactures
and markets chlor-alkali products and vinyls. Occidental is committed
to safeguarding the environment, protecting the safety and health of
employees and neighboring communities and upholding high standards of
social responsibility in all of the company's worldwide operations.
IPIC is wholly owned by the Government of the Emirate of Abu Dhabi. Its
mandate is to invest in the hydrocarbon sector outside the Emirate of
Abu Dhabi. Its current investment portfolio includes stakes in Hyundai
Oilbank Co. in South Korea, OMV and Borealis in Austria, Gulf Energy
Maritime in Dubai, CEPSA in Spain, Pak-Arab Refinery Ltd in Pakistan,
Oman Polypropylene, Cosmo Oil Co. Ltd in Japan, and SUMED in Egypt.
IPIC's investment portfolio is currently valued in excess of $12