Occidental Petroleum is in talks to sell its OxyChem division in a deal expected to be worth at least $10bn that would carve out one of the world’s largest standalone petrochemicals units.
The Houston-based company, which is backed by Warren Buffett, has been steadily divesting assets in recent years in an effort to reduce its heavy debt load, which now stands at $24bn. Occidental is working with advisers on the sale process.
The divestment, which would be Occidental’s biggest to date, was likely to be announced in the coming weeks, two people familiar with the matter said, provided it does not hit any last-minute hurdles.
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