UAE

Chevron Sells Its Stake in Ras al-Khaimsh Concession

The Chevron Corporation of the US has sold its 50.46% interest in the Ras al-Khaimah offshore concession to the other partners in the joint venture International Petroleum of Canada, the Overseas Petroleum and Investment Corporation (OPIC) and the Wintershall Group which between them held the remaining 49.54%. Chevron's interest in the Ras al-Khaimah concession started in early 1985 when it took over Gulf Oil Corporation,...