The collapse of Occidental's planned sale of a share in its $24 billion Middle East business to a partnership of national oil companies (NOCs) in the region should not come as a huge shock. More surprising, however, has been the spin put on events by the US firm's management, which has sought to blame the recent political spat between Qatar and the United Arab Emirates for problems that seem to have deeper and more complex origins. The truth of the matter is that Oxy's plan has been in trouble for months, trouble that has less to do with politics than with the deal's basic complexity and the US firm's uneven approach.
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