Oxy to sell Dolphin Energy stake to Mubadala Development Company

oil-pumpOccidental Petroleum Corporation is an international oil and gas exploration and production company. (Image source: Roger Alexander/Flicker)US-based Occidental Petroleum Corporation (Oxy) is in talks to sell one-fifth of its 24.5 per cent stake in Dolphin Energy to Mubadala Development Company

An unnamed official source said that the deal will be completed by the end of 2014, adding that Oxy had bought the stake worth US$310mn in Dolphin Energy in 2002.

The deal comes after collapse of previous attempts by Oxy to sell its non-core Middle East assets to a consortium of Gulf-based firms, added the unnamed source.

Another official source said, “Mubadala Development Company is quite keen to do this deal. They wanted to buy Oxy's entire stake in Dolphin Energy but Qatar is unlikely to accept that because of the political situation with the UAE."

Mubadala Development Company currently has 51 per cent stake in Dolphin Energy with Oxy and France’s Total, each holding 24.5 per cent stake.

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