Oxy Gets Enron Stake in Project
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Oil and natural gas producer Occidental Petroleum Corp. said it outbid four rivals for the right to acquire Enron Corp.’s former stake in a $3.5-billion natural gas project controlled by the United Arab Emirates.
Occidental’s bid for the 24.5% stake was selected ahead of those made by Exxon Mobil Corp., Royal Dutch/Shell Group, BP and Conoco Inc., said Abdulla Khouri, a spokesman for Dolphin Energy Ltd. Terms weren’t disclosed. Occidental said it expects to sign an agreement by June 1.
The Dolphin project would be the first to pipe gas from Qatar’s offshore North Dome field to another country.
The Emirates government is seeking to attract foreign investment and gain fuel for power plants by building a line from Qatar, holder of the world’s third-largest gas reserves. Los Angeles-based Occidental already produces oil in Qatar, Oman and Yemen.
Occidental shares Wednesday rose 62 cents to $29.10 on the New York Stock Exchange.
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