EXHIBIT 10.2

                      Receipt and Acknowledgment

                                               September 11, 1997

     The undersigned, Dr. Ray R. Irani ("Dr. Irani"), 
Chairman and Chief Executive Officer of Occidental Petroleum 
Corporation ("OPC"),

     (a)   hereby acknowledges receipt of a payment (the 
"Payment") from OPC in the amount of Ninety-Five Million 
Dollars ($95,000,000); and
        
     (b)   in consideration of the Payment, hereby agrees that 
effective as of the date hereof:

          (i) that certain Employment Agreement entered into 
as of November 16, 1991 by and between OPC and Dr. Irani (the 
"1991 Employment Agreement"), has been amended and, as 
amended, restated by that certain Employment Agreement 
entered into as of September 11, 1997 by and between OPC and 
Dr. Irani (the "1997 Amended Employment Agreement"); and

          (ii) his rights and entitlements respecting his 
employment are defined by and pursuant to the 1997 Amended 
Employment Agreement.

     Dr. Irani shall take all action necessary to that 
certain separate grantor ("Rabbi") trust maintained by OPC 
and administered by Wells Fargo Bank, known as the 
"Occidental Petroleum Grantor Trust 4 - Irani," to be





terminated and the assets of the separate trust for Ray R. 
Irani to be returned to OPC.

     Dr. Irani and OPC hereby expressly agree that nothing in 
this Receipt and Acknowledgment is intended to or does impair 
any term or condition of the 1997 Amended Employment 
Agreement including without limitation any rights of 
Dr. Irani or his estate or his wife defined by or pursuant to 
the 1997 Amended Employment Agreement.


                              R. R. Irani
                              ---------------------
						Dr. Ray R. Irani

     In consideration of the Payment to Dr. Irani, the
receipt and sufficiency of which are hereby acknowledged, 
Ghada Irani does hereby join in, accept and consent to 
the foregoing provisions.  Ghada Irani also hereby 
acknowledges that she has the right to separate legal counsel 
and hereby waives that right.

                              Ghada Irani
                              ---------------------
						Ghada Irani


LA972530.060/4


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