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OCCIDENTAL PETROLEUM GROUP TO STUDY MALAYSIAN LNG PROJECT

 LOS ANGELES, Feb. 11 /PRNewswire/ -- Dr. Ray R. Irani, chairman, president and chief executive officer of Occidental Petroleum Corp., today announced the signing in Malaysia of a memorandum of understanding by its subsidiary, Occidental Petroleum (Malaysia) Ltd., Nippon Oil Exploration (Malaysia) Ltd. and Petroliam Nasional Berhad (PETRONAS).
 The three companies will jointly conduct studies for a new liquefied natural gas (LNG) project and an optimum development plan for the recently discovered natural gas fields, including the Jintan discovery, located offshore Sarawak. These studies, which will be completed this year, will evaluate the options for the size, location and timing of the construction of a new LNG plant and investigate the marketing of LNG to be produced.
 If found to be feasible, the project will be developed by the parties through a joint venture company in which PETRONAS will take 70 percent of the equity and the remaining 30 percent will be held by Occidental and Nippon Oil. It is expected that the joint venture company will be formed before year end 1993.
 The LNG project under study would make Malaysia the largest supplier of LNG to the rapidly expanding East Asian market.
 Malaysia currently exports about 8 million tons per year of LNG to Japan and is expanding the existing plant by another 7.5 million tons.
 -0- 2/11/93
 /CONTACT: Howard Collins (media), 310-443-6523, or Kenneth J. Huffman (investors), 212-603-8183, both of Occidental Petroleum/
 (OXY)


CO: Occidental Petroleum Corp. ST: California IN: OIL SU:

MS -- LA015 -- 5671 02/11/93 11:53 EST
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Publication:PR Newswire
Date:Feb 11, 1993
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