Financial and Banking News

INVESTMENT ACTIVITIES

Arab Oxy Deal Withdrawn

Occidental Petroleum Corporation (OPC) on 15 November withdrew its proposal to establish Arab Oxy, a Bahrain-based subsidiary to be 50% owned by private Middle Eastern investors, citing a "tightening of liquidity in the Middle East". An OPC statement to the Kuwaiti News Agency earlier last week made clear that the offer of Arab 0xy equity, launched on 7 May (MEES, 21 May), had not been well received because...