Occidental Sells Interest in Indonesian LNG Project



Occidental Petroleum Corporation has sold its interest in the Tangguh LNG project in Indonesia, currently in its initial phase of development, to Mitsubishi Corporation of Japan for a sale price of $480 million.

Occidental sold it's interest in the LNG project so that it could focus on its core areas in the United States, Middle East and Latin America. The proceeds from the sale will be used for debt reduction.