United States : Occidental Petroleum Corp to purchase Phibro LLC.Byline: manish03 Oil and gas company Occidental Petroleum Occidental Petroleum Corporation ("Oxy") NYSE: OXY is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America regions. Corp (NYSE NYSE See: New York Stock Exchange :OXY) declared on Friday that the company has entered into an agreement to acquire oil and gas trader Phibro LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control from Citigroup Inc for approximately net asset value, consisting of cash, marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has and readily saleable commodity positions. Occidental's net investment in Phibro is expected to be approximately USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 250m. From 1997 until the second quarter of 2009, Phibro averaged approximately USD200m per year in pre-tax earnings and its earnings averaged USD371m per year over the last five years. Phibro has been profitable each fiscal year since 1997, attaining profitability in 80% of all quarters. Upon closing, Phibro will become a part of Occidental's midstream segment which includes the latter's natural gas liquids, power, pipeline and existing trading business. Copyright : Euclid Infotech Pvt. Ltd. Provided by Syndigate.info an Albawaba.com company |
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