(EnergyAsia, March 14, Friday) — Los Angeles, US-based Occidental Petroleum Corporation said it has signed an agreement with Abu Dhabi’s International Petroleum Investment Company (IPIC) to jointly invest in hydrocarbon-related projects.

The agreement between Occidental and IPIC, a company wholly owned by the Abu Dhabi government, provides for the companies to jointly evaluate and participate in development of upstream and downstream projects in the Middle East and elsewhere.

“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. It further strengthens our relationship with the Emirate of Abu Dhabi and we expect it will provide significant new opportunities to increase Oxy’s presence in the Middle East and North Africa regions. We are pleased to be working with IPIC and the Abu Dhabi government and expect to further expand our joint activities in the near future,” said Ray R. Irani, chairman and CEO of Occidental Petroleum Corporation.

“We are excited to be partnering with a world class company to pursue opportunities for growth. Occidental Petroleum’s best in class operating skills combined with its long standing commitment to Abu Dhabi will add tremendous value to IPIC strategy,” said Khadem Al Qubaisi, IPIC’s managing director.

Occidental Petroleum Corporation is an international oil and gas exploration and production company with operations in the US, Middle East, North Africa and Latin America. The company is the fourth largest US oil and gas company, based on equity market capitalisation.

State-owned IPIC has investment stakes in Hyundai Oilbank Co in South Korea, OMV and Borealis in Austria, Gulf Energy Maritime in Dubai, CEPSA in Spain, Pak-Arab Refinery Ltd in Pakistan, Oman Polypropylene, Cosmo Oil Co Ltd in Japan and SUMED in Egypt. IPIC’s investment portfolio is currently valued in excess of $12 billion.