Occidental Ships Libyan Oil to U.S.
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Occidental Petroleum Corp., the fourth-biggest U.S. oil company by market value, said it was shipping a cargo of Libyan crude oil to the U.S. for the first time in almost 20 years.
The cargo consists of 900,000 barrels, Westwood-based Occidental said.
The company said shipments from Libya would probably add 22,000 barrels a day to its 2005 net output, previously estimated at as much as 15,000 barrels a day.
Occidental said July 29 that it had gained approval from the Libyan government to resume operating its historic oil properties in the country after economic sanctions were lifted against Tripoli.
Occidental shares fell 26 cents to $87.10.
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