Occidental Said to Seek Offers for 40% Stake in Mideast Unit

Occidental Petroleum Corp., the largest oil producer in the continental U.S., has begun looking for suitors to take a minority stake in its Middle East unit for as much as $8 billion, said people with knowledge of the matter.

Chief Executive Officer Stephen Chazen has held talks with sovereign wealth funds and possible strategic partners for a 40 percent stake in the Mideast business, whose value he pegs at $20 billion, said two of the people, who asked not to be named as the discussions are private. The CEO is handling the talks himself and isn’t working with bankers now, the people said.