DUBAI (Reuters) - Three state-owned Gulf firms are considering a joint bid for a minority stake in Occidental Petroleum Corp's (OXY) Middle East and North Africa (MENA) unit, a deal that could be worth between $8 billion and $10 billion, three banking sources said.
Abu Dhabi's Mubadala Development Co (MUDEV.UL), Qatar Petroleum (QATPE.UL) and Oman Oil Co have formed a consortium and have picked Citigroup (NYS:C) to advise them, the sources with knowledge of the matter said on Monday. They spoke on condition of anonymity as the information is not public.
Occidental, the fourth-largest U.S. oil company, said in October it planned to sell a minority stake in its MENA operations as part of a restructuring meant to lift its valuation. On Monday two of the sources said it could sell a 40 percent stake to the three Gulf firms.
Occidental and Qatar Petroleum were not immediately available for comment, while Citi and Mubadala declined to comment. Oman Oil could not be reached for comment.