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Occidental Sells Libyan Fields

June 20, 1985|From Associated Press

Occidental Petroleum Corp., continuing to shed internationally risky holdings, announced today that it has agreed to sell 25% of its lucrative oil properties in Libya to the Austrian state oil company, OMV AG, for an undisclosed price.

The deal comes only two weeks after Occidental agreed to sell half its rich Colombian oil properties to Royal Dutch-Shell Group for $1 billion. The biggest share of Occidental's worldwide oil operations is in Libya, with about 31% of the company's total.

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