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Monday, 21 July, 2008, 01:10 GMT | more prices >>

Oxy and IPIC join forces

By Upstream staff

US independent Occidental Petroleum has signed an agreement with Abu Dhabi's International Petroleum Investment Company (IPIC) to jointly develop upstream and downstream projects both within and outside the Middle East region.

The agreement with IPIC, which invests in oil-related projects for the government of Abu Dhabi, will provide new opportunities to increase its presence in the Middle East/North Africa region, Occidental said.

Oxy boss Ray Irani said: "This agreement is a natural extension of our existing strategic partnership with Abu Dhabi which currently includes the highly successful Dolphin project, development of the giant Mukhaizna field in Oman, and an exploration joint venture in Libya."