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By The Exchange Team

Warren Buffett’s Berkshire Hathaway gained approval on Friday to buy up to 50% of Occidental Petroleum.

Occidental shares rose 10% to $71.29 on the announcement, boosting their 2022 gains to 145%.

On July 11, Berkshire applied to the Federal Energy Regulatory Commission to buy more oil firm's stock in secondary market transactions.

Carlos Clay, acting head of electric power regulation, gave permission Friday, citing "public interest."

The conglomerate already boosted its Occidental holding this year. Berkshire has 188.5 million Occidental shares, which is 20.2%.

Berkshire could record some of the oil company's earnings with its own, adding billions in profit.

Buffett's big stake on Occidental has spurred small investors to follow suit, making it a favoured retail stock this year.