Occidental Petroleum has failed to sell a stake in its Middle East business and now plans to sell some assets piece by piece, Bloomberg reported on Wednesday.

The company said in October last year that it planned to sell a minority stake in its Middle East and North African operations as part of a restructuring program to lift its valuation.

Reuters in early December reported that three state-owned Gulf firms, including Abu Dhabi’s Mubadala Development Co , Qatar Petroleum, and Oman Oil Co, were considering a joint bid for the unit, in a deal that could be worth between $8 billion and $10 billion.

“We continue to make progress on our discussions with our partners in the Middle East for the sale of a portion of our interests in the region,” Occidental spokeswoman Melissa Schoeb said.


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