Oxy expects a Colombian tax matter to be dropped.

Occidental Petroleum Chairman Armand Hammer said Wednesday that as a result of meetings between company President Ray Irani and Colombian officials, the firm expects the Colombian government to drop a potential $800-million tax assessment against the company. Irani said Occidental was simply furnished “a list of questions from their tax administration to which we will prepare a formal reply showing that Occidental had correctly filed its tax report for 1983.” Colombian tax authorities had alleged that Occidental failed to report gains on a transaction involving a Colombian oil field.