LOS ANGELES, March 10, 2008 (PRIME NEWSWIRE) -- 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.