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Reuters-Occidental Leaving Banglade
- Subject: Reuters-Occidental Leaving Banglade
- From: tinkyi@xxxxxxxxxxxxx
- Date: Sun, 30 May 1999 21:11:00
Subject: Reuters-Occidental Leaving Bangladesh, take over by Unocal
Sunday May 30, 9:44 am Eastern Time
Occidental Leaving Bangladesh
DHAKA, Bangladesh (AP) -- The Occidental Petroleum Corporation is pulling
out of Bangladesh, handing over its oil and gas operations there to another
U.S. company, an official said Sunday.
The U.S.-based Unocal Corporation (NYSE:UCL - news) will take over all
Occidental's assets and liabilities in Bangladesh starting next month under
a deal signed Thursday, said Terry Budden, Unocal's country representative.
Unocal's present investment of $260 million in Bangladesh could reach $1
billion if all planned projects, including power plants and gas pipelines,
come through, Budden told journalists in the capital, Dhaka.
Occidental's General Manager Nigel Hopkinson said his company was
withdrawing from Bangladesh after four years in order to concentrate in
regions where it is already strong, including the Middle East and the United
The company will take over Unocal's holdings in Yemen.
Occidental's assets in Bangladesh include three gas blocks in the northeast
in which Unocal already holds 50 percent working interest.
Unocal is also working in Myanmar, Indonesia, the Philippines, Thailand and