LOS ANGELES, July 11, 2001 (PRIMEZONE) -- Occidental Petroleum Corporation (NYSE:OXY) announced today that it has sold its interest in the Tangguh LNG project in Indonesia, currently in its initial phase of development, to Mitsubishi Corporation of Japan for a sale price of $480 million.
Dr. Ray R. Irani, chairman and chief executive officer of Occidental, said, "This sale is in keeping with our strategy of focusing on core areas in the United States, the Middle East and Latin America. We're getting excellent value from the successful exploration program on which this project is based. Furthermore, this sale will have no impact on our proven reserves. The proceeds will be used for additional debt reduction."
Note: This press release may contain forward-looking statements which reflect management's expectations and are based upon data available at the time the statements were made. Actual results are subject to future events and uncertainties, which could materially impact performance. -0-
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CONTACT: Occidental Petroleum Corporation
Lawrence P. Meriage (media)
(310) 443-6562
Kenneth J. Huffman (investors)
(212) 603-8183
On the web: www.oxy.com
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