LOS ANGELES--(BUSINESS WIRE)--Occidental Petroleum Corporation (NYSE:OXY) announced today the signing
of an agreement with Abu Dhabi's International Petroleum Investment
Company (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
company.
"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 Dr. Ray R. Irani, Chairman and
Chief Executive Officer of Occidental Petroleum Corporation.
"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, Managing
Director of International Petroleum Investment Company.
ABOUT OXY
Occidental Petroleum Corporation 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.
ABOUT IPIC
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 billion.
FORWARD LOOKING STATEMENTS
Statements in this release that contain words such as "will," "expect"
or "estimate," or otherwise relate to the future, are forward-looking
and involve risks and uncertainties that could significantly affect
expected results. Factors that could cause results to differ materially
include, but are not limited to: global commodity pricing fluctuations
and supply/demand considerations for oil, gas and chemicals;
higher-than-expected costs; operational interruptions; political risk;
and not successfully completing (or any material delay in) any
expansion, capital expenditure, acquisition, or disposition. You should
not place undue reliance on these forward-looking statements which speak
only as of the date of this filing. Unless legally required, Occidental
does not undertake any obligation to update any forward-looking
statements as a result of new information, future events or otherwise.
U.S. investors are urged to consider carefully the disclosure in
Occidental's Form 10-K, available through the following toll-free
telephone number, 1-888-OXYPETE (1-888-699-7383) or on the Internet at http://www.oxy.com.
You also can obtain a copy from the SEC by calling 1-800-SEC-0330.