By OGJ editors
HOUSTON, Oct. 15 -- Occidental Petroleum Corp. plans to invest $250 million to buy Phibro LLC from Citigroup Inc. in a move that will give Oxy trading expertise.
The transaction is expected to close by yearend. Oxy said Phibro will become part of its midstream unit.
Primarily an oil and gas trader, Phibro's assets consist of cash, marketable securities, and commodity positions. Phibro's management team, headed by Andrew Hall, and its employees will remain with the company after closing.
