Citigroup in Sale of Phibro

October 9, 2009

Cleary Gottlieb is representing Citigroup, Inc. in the sale of Phibro LLC, a commodities trading division, to Occidental Petroleum Corporation. The transaction was announced October 9 and is expected to close in the fourth quarter pending regulatory approval. The terms of the transaction were not publicly disclosed.

Occidental Petroleum Corporation is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America regions.