LOS ANGELES, March 15, 2004 (PRIMEZONE) -- Occidental Petroleum Corporation's (NYSE:OXY) Chairman and Chief Executive Officer, Dr. Ray R. Irani, met with the Libyan leader, Colonel Moammar al-Ghadafi, and other high-ranking Libyan officials in Libya to discuss the resumption of the company's operations that were suspended in 1986.
Commenting on these meetings, Dr. Irani said, "We're excited about the significant improvement in U.S.-Libyan relations that will allow Occidental to return to Libya. We're especially pleased to be able to play a role in the continuing advancement of this important relationship. Occidental has been very successful in the Middle East and North Africa where we have found and developed large volumes of commercial oil and gas reserves. We presented specific project proposals involving the application of modern oil reservoir management practices and technology that we successfully employ throughout our worldwide operations. We plan to open an office in Tripoli as soon as possible. We believe Occidental's return to Libya will result in the creation of significant value for the people of Libya and for our stockholders."