Sunday, May 10, 2020

Oxy gets the OK to Maintain Anadarko contract in Algeria

Algerian authorities have given Occidental Petroleum Corp. (OXY) the go-ahead to maintain Anadarko’s contract in the North African country, according to a release on state firm Sonatrach’s website.

Algeria had previously blocked Occidental Petroleum’s deal to sell Anadarko assets in the country to France’s Total following Occidental’s acquisition of the US-independent.

“The energy ministry agreed for the maintenance of Anadarko Algeria Corporation in the association contract with Sonatrach and other companies,” the Ministry said in a statement.

Occidental Petroleum has informed the Ministry of its new strategic approach and its “commitment to continuing Anadarko Algeria Corporation activities in Algeria,” and it will seek new partnership opportunities, the statement said.

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