Occidental Petroleum Corp. has signed an agreement with Abu Dhabi's International Petroleum Investment Co. to work together on hydrocarbon-related investments, the company said Monday.
The companies will jointly evaluate and participate in "development of upstream and downstream projects both within and outside the Middle East Region," the company said in a release. Each company retains the discretion to determine whether or not it will participate in any particular project, according to a release.
International Petroleum Investment Co. is wholly owned by the Government of the Emirate of Abu Dhabi and invests in the hydrocarbon sector outside the Emirate of Abu Dhabi.
Los Angeles-based Occidental (NYSE: OXY) is an international oil and gas exploration and production company.
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