Occidental Petroleum (NYSE:OXY) is negotiating the sale of its OxyChem division in a deal that could exceed $10 billion, the Financial Times reported Sunday.
If completed, the transaction would mark Occidental’s (NYSE:OXY) largest divestiture to date and create one of the world’s biggest independent petrochemical companies, according to people familiar with the talks cited by the paper.
The Houston-based energy company, which counts Warren Buffett’s Berkshire Hathaway (BRK.A) (BRK.B) among its major backers, has been offloading assets to trim its debt load. An announcement on the OxyChem sale could come within weeks, the report said.